Gold flows into ETFs hit record high in Q3/2025

According to the latest monthly report of the World Gold Council (WGC), the third quarter of 2025 recorded a record amount of capital flowing into gold ETFs, of which September alone accounted for more than 60% of the total capital flow for the quarter. Specifically, 145.6 tons of gold, equivalent to 17.3 billion USD, flowed into global ETFs in September. In total, in the third quarter, the amount of gold held by ETFs increased by 221.7 tons, worth nearly 26 billion USD.

At the end of the third quarter, total assets under management (AUM) of global gold ETFs reached $472 billion, up 23% quarter-on-quarter, setting a new record. Holdings increased 6% quarter-on-quarter to 3,838 tonnes, just 2% below the peak of 3,929 tonnes recorded in the first week of November 2020.

According to statistics, gold funds listed in North America continued to lead with 88.4 tons of gold, worth 10.5 billion USD in September. WGC commented that investment demand in this region was driven by the weak USD, concerns about the possibility of a US government shutdown as well as expectations that the US Federal Reserve (Fed) would continue to lower interest rates after cutting 25 basis points in the month.

North American ETF investors led the inflows for much of the third quarter, with $16.1 billion in inflows, the second-highest quarterly total on record. European funds also saw strong inflows, posting the second-strongest quarterly quarter in the region ($8.2 billion), just $74 million shy of the record set in Q1 2020. Inflows in Asia slowed in the quarter ($1.7 billion), while funds in other regions held steady.

Gold demand increased sharply throughout September 2025 and the third quarter of 2025, driven by factors such as: Trade, policy and geopolitical risks continue and show no clear signs of easing; USD continues to weaken; expectations of the Fed continuing to cut interest rates; record gold prices increase, stimulating increased investment sentiment in gold...

The domestic gold market this week closed at 140.8 million VND/tael for buying and 142.8 million VND/tael for selling SJC gold bars, an increase of 4.2 million VND/tael compared to the end of last week. The price of gold rings also increased by 4.5 million VND/tael compared to the end of last week. The world gold price closed the trading week at 4,018 USD/ounce, a sharp increase of about 130 USD/ounce (equivalent to 4.2 million VND) compared to the end of last week.

The new decree on gold trading management, which took effect on October 10, officially abolished the gold monopoly, allowing businesses to import raw gold and produce gold bars.

According to the State Bank's guiding Circular (Circular No. 34/2025/TT-NHNN), no later than November 15 of the year immediately preceding the year of requesting the limit, enterprises and commercial banks specified in Article 11a of Decree No. 24/2012/ND-CP that need to be granted a limit for gold bar export, gold bar import, and raw gold import for the following year must send a set of documents specified in Articles 10 and 12 of this Circular to the State Bank of Vietnam. Before December 15 of each year, based on the provisions of Clause 2, Article 19, the State Bank shall grant a limit for gold bar export, gold bar import, and raw gold import to enterprises and commercial banks specified in Clause 1 of this Article according to the form in Appendix No. 17 issued with this Circular or issue a written notice of refusal (clearly stating the reason).

In 2025 alone, the establishment, adjustment and granting of limits on gold bar exports, gold bar imports, raw gold imports and the deadline for submitting applications for limits on gold bar exports, gold bar imports, and raw gold imports will be applied based on the actual situation, not according to the above time limit regulations.

Thus, the State Bank is leaving open the possibility of granting gold import quotas in 2025. Most likely, this year the State Bank will not be able to grant gold import quotas to businesses in time due to the lack of time left.

Therefore, last week, the gold market continued to have a shortage of supply. Many people lined up from 4-5am to buy gold, but gold businesses closed early, announcing that they were out of gold.

Source: https://baodautu.vn/vang-do-vao-cac-quy-etf-cao-ky-luc-trong-quy-iii2025-d410166.html