The Global ETFs began 2025 with positive flows, led by Europe, while North America registered departures.
2025 started with everything for gold and this was reflected, for example, in strong net entries to The Global Golden Funds physically supported, which captured more than US $ 3,000 million last January. According to international analysts, The most notable of the records last month comes from Europe that, although it led the global exits during most 2024, now dominates the tickets. While despite the solid performance of gold, American investors remained net sellers of Golden ETFs in the month, but Asia and the other regions recorded limited entries. At the end of January, the total assets under management reached US $ 294,000 million, another month of the month, and collective holdings continued to recover adding another 34 tons, so they already accumulate 3,523 tons. This was more or less the general panorama, but at the regional level there are several facts to consider.
Gold: the regional panorama
North American funds fell for two consecutive months, losing US $ 499 million in January. According to experts, investors remained occupied this month, particularly around the investiture of President Trump and subsequent news about tariffs, rates and the dollar. In the face of the assumption, they saw an increase in activity in positive options and flows to US funds, along with an increase in the price of gold. However, these flows were quickly reversed in Trump’s investiture week, since investors probably captured profits amid a price of record gold and changes in positioning as Trump began publishing executive orders, executive orders, while providing information about future political decisions. The rebound in the demand in the last week of the month failed to compensate for the previous exits. It is worth remembering that the last week of the month, the Federal Reserve (FED) maintained unchanged rates as expected, which had a limited impact on investors’ expectations on returns. But they believe that the stock market shaken (in particular, the generalized liquidations of technological actions related to the stir for artificial intelligence around Deepseek) and record performance of the price of gold, attracted the attention of investors.
As for European funds, which registered their largest monthly entry since March 2022, adding US $ 3,400 million during January; It was the United Kingdom and Germany who dominated the tickets. In the United Kingdom, the yields of government bonds fell significantly during the second half of January, since the decrease in inflationary pressure and weak economic data increased the expectations of rate cuts investors by the bank of England during 2025. Thus, the lowest opportunity cost of maintaining gold, along with a solid performance of the price of gold, promoted local investors to invest in ETF of Gold. While, in the case of Germany, political uncertainties before the parliamentary elections of the end of February, which are held before plan greater demand for safe refuge assets, which attracted local investors to gold. It should be noted that France, which also faces political instability and weaker growth perspectives, also experienced notable tickets as investors sought safe refuge assets.
In relation to the Asian funds that added US $ 57 million in January, the beneficiaries were mainly from Indian funds. The Indian Gold ETF experienced records of US $ 400 million last month, since investors redirected gold in the midst of worldwide uncertainty and greater weakness in national values markets. However, in the case of China there were notable exits: the growth of the GDP of the fourth quarter and 2024, stronger than expected, may have increased the appetite of investors risk, limiting the expectations of future feat cuts and supporting To the local currency, experts point out. As a result, together with possible profits, investors reduced their golden ETF holdings. The funds from other regions registered tickets of US $ 66 million, mainly driven by Australia and South Africa.
More operations globally
To dimension what the gold market is moving worldwide it is enough to point out that, In January, gold operations volumes averaged US $ 264,000 million per day, 20% more than in the previous month. The increase can be attributed mainly to the rise in Volumes in Comex (the futures market and NYSE options), which promoted activities in the bags around the world 39% more than in the previous month, since the fortress of the price of gold attracted the operators. Meanwhile, the OTC (wholesaler) market and the Global Gold ETFs also experienced an increase in operations during the month. Part of this was also seen in the long net positions of Gold Futures of Comex that closed January in 952 tons, an increase of 25% monthly. Fund managers increased their long net positions by 26% to 717 tons at the end of the month, it is believed that the strength of the price of gold and fears related to tariffs were the main drivers of the increase in long positions.
Source: Ambito
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