Gold Reserves in ETFs Reach Highest Level Since 2022

Gold reserves in exchange-traded funds reached 100.9 million troy ounces – the highest since August 5, 2022. Funds bought the precious metal for five consecutive trading days, despite gold having decreased by 4.2% since the beginning of 2026, down to $4143 per ounce.

Last Wednesday, gold ETFs added 143,200 troy ounces to their reserves, extending the streak to five trading sessions. This influx brought the total purchases by funds since the beginning of the year to 2.01 million ounces – approximately $598.9 million at the price of the last session. Analysts at Global Markets Investor described the divergence between fund investments and price dynamics as historic. According to their estimates, investors are not exiting the metal during declines but are increasing their positions.

The rise in U.S. government bond yields has hit prices the hardest. On September 28, gold lost 3.4% in a session – such days, according to The Kobeissi Letter, occur roughly once every two years. The decline is attributed to rates in the debt market, not a weakening interest in the metal. Since the beginning of the year, the precious metal has lost 3.5% or more in a session seven times – more than in any year since the 2008 crisis. Governments are also increasing their reserves. Analyst Stern Drew described a scheme where partners exchange yuan for physical metal bypassing the dollar: Beijing's gold reserves have grown to 2387 tons, and the People's Bank of China has been buying for 22 consecutive months. Such demand is independent of prices and supports the market during downturns.