Core Insights - The World Gold Council reported that in September 2025, global physical gold ETFs experienced the largest single-month inflow in history, contributing to a record total inflow of $26 billion in the third quarter [2] - As of the end of the third quarter, the total assets under management (AUM) for global gold ETFs reached a historic high of $472 billion, with total holdings increasing by 6% to 3,838 tons, which is only 2% lower than the historical peak of 3,929 tons recorded in the first week of November 2020 [2] Summary by Category - **Market Performance** - The third quarter saw a record inflow of $26 billion into global gold ETFs, marking the largest single-month inflow ever recorded [2] - Total AUM for global gold ETFs reached $472 billion, setting a new historical high [2] - **Holdings and Trends** - Total gold holdings in ETFs increased by 6% to 3,838 tons in the third quarter [2] - Current holdings are only 2% below the all-time high of 3,929 tons from November 2020 [2]

Group 1 - The current spot gold price has dropped over 50 USD, now reported at 3237.76 USD/ounce, with a decline of 1.55% [2] - The World Gold Council's report on global gold demand trends for Q1 2025 was held on April 30, revealing a significant surge in gold ETF demand in the Chinese market, with inflows of approximately 16.7 billion CNY (about 2.3 billion USD, or 23 tons), marking a historical high [3] - The soaring gold prices and unprecedented inflows have driven the total assets under management (AUM) and total holdings of gold ETFs to break historical records, reaching 101 billion CNY (approximately 13.9 billion USD) and 138 tons, respectively [3] Group 2 - In Q1, the total gold consumption demand in the Chinese market (including gold bars, coins, and jewelry) was 249 tons, reflecting a year-on-year decline of 15%, primarily due to weak demand for jewelry [4]