Gold holdings in exchange-traded funds climbed to a month-end peak, a sign that investor inflows are continuing to add fuel to bullion’s scorching rally.
Total holdings by ETFs increased to 3,932 tons at the end of November, a sixth consecutive month of growth, according to data from the World Gold Council. With more than 700 tons of this total purchased in 2025, inventories are set for their biggest-ever year of growth, the WGC said in a report.
ETF holdings have risen every month this year except May, in both dollar and tonnage terms. Asia was the key driver of November inflows, with China the single biggest contributor to growth, driven by equity market weakness and geopolitical tensions. India has also recorded six straight months of net inflows, the WGC data showed.
Gold has been gaining steadily since late 2022, but its growth has accelerated dramatically this year. The precious metal is on track for its best annual performance since 1979, with investors seeking havens from risk and piling into alternative assets as part of a wider retreat from sovereign bonds and currencies.
