India third in May's global gold buver list. WGC

In May, the global gold market witnessed a significant shift, ending a twelve-month losing streak for gold exchange-traded funds (ETFs).

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India contributed to this positive trend by purchasing USD 86.5 million worth of gold. According to the World Gold Council’s latest report, May saw a resurgence in inflows, primarily driven by strong demand in Europe and Asia, despite minor outflows in North America and other regions.

By the end of May, global gold ETF holdings rose to 3,088 tonnes, with total assets under management (AUM) reaching USD 234 billion, reflecting a 2 percent increase for the month.

Physically backed gold ETFs enjoyed a net inflow of USD 529 million in May, marking their first positive movement since the same month last year. This uptick, coupled with a 2 percent increase in gold prices to USD 2,348 per ounce, raised the total AUM for gold ETFs to the highest level since April 2022. Despite this rebound, holdings remain 8.2 percent below the 2023 average of 3,363 tonnes.