Global gold-backed exchange-traded funds posted 38.3 tonnes of outflows in the week ended June 26, the largest weekly withdrawal since September 2022, according to The Kobeissi Letter, which cited World Gold Council-linked flow data. In dollar terms, the funds lost $4.7 billion, described as the largest weekly outflow on record.
North America accounted for 23.6 tonnes of the weekly outflow, followed by Asia at 8.7 tonnes and Europe at 5.9 tonnes. The pattern matters because North American funds have been the swing buyer in several gold ETF cycles. When that region pulls back, the ETF channel can flip from price support to liquidation pressure fast.
SPDR Gold Shares, the world’s largest gold-backed ETF, absorbed the most visible hit. Kobeissi said GLD alone saw $2.0 billion in outflows for the week, its fourth-largest withdrawal this year. So far in June, the ETF has seen $3.2 billion in withdrawals, putting it on track for its second-worst month since February 2021, behind only March 2026, when it lost $8.5 billion, according to Kobeissi.
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The timing is the story. Gold remains historically elevated, but ETF investors are no longer behaving like price strength alone is enough. GLD’s official fund page listed $130.05 billion in assets under management as of June 30, with an LBMA Gold Price PM of $4,026.05 per ounce and 352.0 million shares outstanding. That leaves GLD huge, liquid, and central to institutional gold exposure, but the latest flow data shows scale does not prevent fast exits when the macro setup changes.
The World Gold Council’s broader monthly data had already shown the turn before Kobeissi’s weekly figure. Global physically backed gold ETFs recorded $2.0 billion of outflows in May, while total gold ETF AUM fell 2% month over month to $604 billion and collective holdings slipped 0.4% to 4,121 tonnes. Holdings were still just below the record 4,176 tonnes reached on February 27, which means the current outflows are coming from a very large base rather than a neglected corner of the market.
Reuters reported last week that gold-backed ETFs saw 16 tonnes of net outflows in May and continued to lose assets in the first half of June, even after a brief weekly inflow. It also cited ING analysts saying ETF demand was likely to remain less supportive than in 2025, while ETF flows are closely tied to US monetary policy.
State Street’s own midyear gold outlook framed the market as a tug-of-war. It said gold prices were consolidating around $4,400 to $4,700 per ounce in early June amid competing forces tied to the Iran conflict and higher oil prices. Its strategists argued that higher energy prices, stronger yields, and a firmer dollar could challenge gold tactically, even as structural demand remained intact.
That distinction explains why the latest ETF outflow is not automatically a bearish verdict on gold itself. Central-bank buying, geopolitical hedging, debt concerns, currency diversification, and long-term portfolio demand can keep the strategic case alive. But the ETF tape is narrower as it measures what liquid investors are doing now, and right now they appear less willing to chase gold through listed products after a powerful run.
For now, the ETF market is flashing a simple message: gold can be expensive, popular, and vulnerable at the same time, maybe at its most vulnerable in years.
