Gold‑backed exchange‑traded funds worldwide experienced a net outflow of 38.3 tonnes of gold last week, the largest weekly outflow since September 2022. The biggest portion of the outflow came from North America, with 23.6 tonnes, followed by Asia at 8.7 tonnes and Europe at 5.9 tonnes.
In dollar terms, the funds recorded a $4.7 billion outflow, the largest weekly loss in their history. The U.S. gold ETF GLD alone saw a $2 billion outflow, its fourth biggest this year.
Since the start of June, GLD has withdrawn a total of $3.2 billion, marking its second worst monthly performance since February 2021, after a March record of $8.5 billion. Market sentiment around gold remains highly volatile.