Global gold-backed exchange-traded funds (ETFs) attracted $3 billion in July, reversing two straight months of outflows and lifting total assets under management 1% to $530 billion.
The turnaround coincided with gold ending a four-month losing streak, and the metal has carried that momentum into August.
Europe Drives the July Turnaround
Fund flows offer a close read on how investors view gold, and July marked a clear shift back toward the metal. European funds supplied most of the fresh money, adding $2 billion over the month.
The United Kingdom led that group with $875 million, while Switzerland followed at $657 million. Asian funds bought $616 million, keeping the region the largest contributor to inflows in 2026.
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North America swung back to positive flows, though its $71 million addition was slim. That region still holds the only net outflow position among major markets for the year to date, a signal that US investors remain cautious. The mixed picture kept the global recovery uneven.
Total holdings across all funds rose 23 tonnes to 4,068 tonnes, the World Gold Council reported. That level sits below the record 4,176 tonnes set on February 27. The 1% gain in assets under management reflected both the fresh money and gold’s higher price.
Gold Ends Four-Month Slide as Buyers Return
Meanwhile, gold ended a four-month losing streak in July, gaining roughly 2%. The modest rise came after the precious metal dropped over 25% between March and June.
The report highlighted that many buyers treated prices near $4,000 an ounce as an entry point. The rally has continued this month, with the metal rising over 5%.
The August advance could be linked to falling oil prices, which cooled inflation worries. Cheaper energy usually eases price pressures across the wider economy.
Gold often attracts buyers when investors expect looser monetary policy. Lower rates reduce the appeal of interest-bearing assets, and the July flows suggest that view is regaining traction among investors.
Whether the ETF revival can hold may hinge on the Fed’s upcoming moves. A dovish tilt could draw more buyers into gold, while renewed talk of rate hikes would test the metal’s August gains.
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