What happened
Gold-backed ETFs took in about 38 billion dollars in the first half of 2025. That was the largest half-year inflow in five years and lifted global ETF holdings to the highest level since August 2022. The world’s largest fund SPDR Gold Trust reported holdings at the highest since August 2022 as fresh money arrived.
What about central banks
Official sector demand remains a durable pillar. After record buying in 2024 consultancies and surveys still see substantial purchases in 2025 as reserve managers diversify away from dollar-only assets.
Why this supports gold
ETF inflows add fast-moving investment demand while steady central-bank accumulation removes supply from the market. Together they deepen the floor under prices during pullbacks.
Client takeaway
Follow the big footprints. When ETFs and central banks buy in size dips tend to be shallow and brief.
