China and India have primarily ensured that net investments in physically-backed gold exchange-traded funds (ETFs) are positive, though 68 per cent of investors have exited as of April 17, data from the World Gold Council (WGC) showed.

China has been the top source of investments in gold ETFs, making up $9.04 billion, followed by India at $3.26 billion. At the sixth-largest net investor, Japan chipped in with $1.26 billion.

For the week ending April 17, global inflows into gold EFTs were $63.96 billion. Outflows were to the tune of $43.73 billion, leaving net investments at $20.23 billion.

Net inflows in Asia were $14.87 billion, while in North America and Europe, they were $2.06 billion and $2.94 billion, respectively.  

Inflows up for 2nd week

Investments in the gold EFTs continued for a second consecutive week as of April 17. In March, investors exited, leading to negative net inflows, on fears that the Iran war could lead to inflation and a strong dollar. Besides, funds switched from gold to crude oil. 

In contrast to the overall trend this year, Asians exited from gold ETFs, while North Americans and Europeans chose to invest. Inflows in Asia were negative to the tune of $1.5 million. Inflows in North America were $2.12 billion and in Europe, $0.96 billion. 

Country-wise, investors in the US invested $2.17 billion in the week ended April 17, while investments in the UK were $0.61 billion. In Switzerland, inflows totalled $0.22 billion. In Germany and France, the investments were $0.069 and $0.053, respectively. In China, net investments were a negative $0.01 billion. 

Prices down 15% from peak

Gold prices have dropped over 15 per cent from the record high of $5,608 an ounce on January 29. Since rising to the new peak, the yellow metal has declined and has been volatile around the $4,700 levels. 

Currently, gold is ruling at $4,712 an ounce in the spot market. On COMEX, gold June futures were quoted at $4.729.51 an ounce. Gold has gained nine per cent year-to-date. 

Published on April 23, 2026