Global investors are increasingly turning to gold as a preferred safe-haven asset, driving strong inflows into gold-backed exchange-traded funds (ETFs). Recent data shows that investment demand for gold remains robust, with physical holdings in major funds reaching levels not seen in nearly three years.
The largest physically backed gold ETF in the world, SPDR Gold Trust (GLD), has reported a significant rise in its gold reserves. As of late January 2026, the fund’s physical holdings stood at approximately 34.9 million troy ounces, marking the highest level since May 2022. This sharp increase reflects renewed investor confidence in gold amid ongoing economic uncertainty and geopolitical risks.
Since June 2024, gold holdings in GLD have surged by nearly 8 million troy ounces, representing a growth of about 30 percent. This steady accumulation highlights sustained buying interest from both institutional and retail investors who are seeking protection against inflation, currency fluctuations, and market volatility.
Although current holdings are at multi-year highs, they remain below historical peaks. During the global financial uncertainty of previous cycles, GLD’s reserves reached 40.9 million troy ounces in 2020 and hit an even higher peak of 43.4 million troy ounces in 2012. These figures indicate that while demand is strong, there is still room for further growth if market conditions continue to favor defensive assets.
Investment inflows into precious metal ETFs have also been accelerating. In January alone, ETFs focused on gold and other precious metals attracted approximately $4.39 billion in net inflows. This marked the eighth consecutive month of positive inflows, underlining a consistent trend of rising investor interest in the sector.
At the same time, gold mining stocks are witnessing increased attention from investors. Gold miner ETFs recorded net inflows of around $3.62 billion, the highest level since at least 2009. This surge suggests that investors are not only buying physical gold-backed funds but are also positioning themselves to benefit from higher gold prices through mining companies.
Several factors are supporting this strong demand for gold investments. Persistent inflation concerns, uncertainty around global monetary policies, geopolitical tensions, and fears of economic slowdown have encouraged investors to shift toward safer assets. Central bank gold purchases and expectations of future interest rate changes have further reinforced gold’s appeal.
Market analysts believe that as long as global risks remain elevated, gold is likely to continue attracting strong inflows. Rising ETF holdings indicate long-term investor confidence and suggest that gold may remain a core component of diversified portfolios in the coming months.
With physical gold reserves in major ETFs approaching historical levels and investment flows remaining strong, the current trend highlights the growing role of gold as a strategic asset in uncertain times. If current momentum continues, gold-backed funds may move closer to their previous record highs, further strengthening gold’s position in global financial markets.
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