Blog · Gold
Gold ETF flows in 2026: why Europe was the only region buying
“Gold ETFs saw outflows” sounds bearish. The regional detail tells a different story.
Last month global gold ETFs recorded net outflows of about US$2 billion. The headline reads bearish — but the regional split is where the signal is. Europe alone was a net buyer (+US$334 million), while North America and Asia sold.
Zoom out and the picture shifts further: gold ETFs are still up roughly US$17 billion year-to-date, sitting on about US$604 billion of assets. That is rotation, not capitulation.
Why it matters: a single outflow total hides who is actually moving. European safe-haven demand is quietly building even as other regions trim. Read the regions, not the headline number.
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