New Delhi [India], May 9 : Global investors began rotating back into gold ETFs in April as India recorded positive flows of USD 297 million, marking its 11th consecutive month of inflows, according to a report by the World Gold Council (WGC).
Following notable outflows in March, global physically backed gold ETFs recorded inflows of USD 6.6 billion during the month. As per the report, all regions registered positive flows with European funds leading the recovery.
The April expansion lifted global gold ETFs' total assets under management to USD 615 billion, which represented a 1 per cent increase month-on-month (MoM). Collective holdings also rose 1 per cent to 4,137 tonnes. This figure stood as the third highest ever and remained just below the record high of 4,176 tonnes set on 27 February 2026.
"India recorded positive flows of USD 297mn in April, its 11th consecutive month of inflows, and Japan attracted USD 246mn," the report highlighted.
China led the Asian region during the month. Funds in Hong Kong added a record USD 732 million, supported by new product listings. Meanwhile, gold ETFs in mainland China continued to draw inflows of USD 498 million amid elevated geopolitical tensions, falling yields, and continued official-sector gold buying announcements.
"Gold ETFs in Asia extended their inflow streak to eight months, adding USD 1.8bn in April," the report said.
Similarly, European funds saw a large inflow of USD 3.7 billion in April, which flipped their year-to-date (YTD) total from negative to positive. The United Kingdom led this surge, while Switzerland and Germany also contributed meaningfully to the regional total.
The report noted that "positive flows in the region appeared linked to heightened geopolitical and geoeconomic risks, as investors assessed the inflationary implications of a more protracted Iran conflict and the associated pressure on energy prices."
With local equities retreating and the Bank of England acting less hawkish than expected, WGC stated that investor interest in gold is likely strengthened as prices stabilised.
North America reversed course in April by recording inflows of USD 1 billion. The rebound remained concentrated in the first half of the month as gold recovered from its March lows and broader market pressures eased. "Flows softened again in the back half of April as the US-Iran conflict showed signs of further escalation and higher opportunity costs re-emerged through a stronger dollar and higher yields," the report mentioned.
Funds in other regions recorded solid inflows of USD 106 million. Unlike the choppier flow patterns seen across major regions, these markets saw steady, marginal buying throughout April, led by Australia and South Africa.
The report stated that global gold market trading volumes fell 24 per cent MoM, to USD 398 billion per day in April. Despite the decline, volumes remained above the 2025 average of USD 361 billion per day, signalling ample gold market liquidity. Over-the-counter volumes declined by 10 per cent to USD 244 billion per day but stayed well above the 2025 average.
The WGC highlighted that the positioning data pointed to a modest easing in total COMEX net longs, which declined 4 per cent over the month to 477 tonnes. While managed money positions briefly rebuilt after the March sell-off, early-month additions of 15 tonnes were offset by late-month selling of around 23 tonnes.
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