UK-listed gold ETFs took in US$4.4bn in August 2026, their second-largest monthly inflow on record, according to the World Gold Council (WGC). The buying did not stop there: the WGC’s September report, published on 7 October, shows a further US$2.2bn in September, making July to September the strongest quarter on record for UK-listed funds.
August in numbers
The UK was the main source of Europe’s US$7.9bn of inflows in August, the region’s strongest month on record. Globally, gold ETFs added US$18bn, the second-largest monthly inflow in value terms on record, led by North American and European funds. Holdings rose by 121 tonnes to a record 4,189 tonnes, and assets under management rose 16% in the month to US$615bn as both flows and the gold price climbed.
| Measure | August 2026 | September 2026 |
|---|---|---|
| UK-listed funds, net flow | +US$4.4bn | +US$2.2bn |
| Europe, net flow | +US$7.9bn | +US$3.6bn |
| North America, net flow | +US$7.7bn | +US$4bn |
| Asia, net flow | +US$2bn | +US$2.3bn |
| Global, net flow | +US$18bn | +US$10bn |
| Global holdings at month end | 4,189 tonnes | 4,256 tonnes |
| Global assets under management at month end | US$615bn | US$574bn |
Sources: World Gold Council, Gold ETF Flows: August 2026 (9 September 2026) and Gold ETF Flows: September 2026 (7 October 2026).
The UK story since August
UK-listed funds added US$7.5bn over July to September, their strongest quarter on record, and recorded inflows in 12 of the 13 weeks to 25 September, which the WGC calls the most consistent run since 2022. With US$9.5bn of inflows so far in 2026, UK-listed funds have marginally overtaken Chinese-listed funds as the largest source of country-level inflows this year. Globally, a record US$31bn went into gold ETFs in the quarter.
Why the UK? In its Gold Market Commentary of 7 October, the WGC said a simple model based on Western flows would have predicted around 18 tonnes of UK inflows in the quarter, against 54 tonnes recorded. It found that the excess has moved alongside the UK term premium since July, suggesting worries about inflation, fiscal sustainability or the risk that the Bank of England is behind the curve may be playing a part. The WGC cautions that the sample is short. Our report on gilt yields at multi-decade highs covers the bond side of that story.
The price: below January’s record
The inflows came as the price fell. Gold finished September at US$4,176 an ounce, down 8.5% on the month and 4.4% lower for the year to date in dollars, according to WGC data. Its record in dollars was US$5,405 on 29 January 2026, so the September close was about 23% below that peak on our calculation. In sterling, gold ended September at £3,149 an ounce, against a record of £3,961 on 2 March 2026, and was down 2.9% for the year to date.
The gap between the dollar and sterling figures is a reminder that a UK investor in gold also carries currency risk, because gold is priced internationally in dollars. Past performance is not a guide to future returns, and flows into a fund tell you what investors did, not what the price will do next.
What is a gold ETC?
The WGC defines gold ETFs as regulated securities that hold gold in physical form, including open-ended funds traded on regulated exchanges and other regulated products such as closed-end funds and mutual funds. On the London Stock Exchange, many commodity products are exchange traded commodities (ETCs). The exchange describes ETCs as listed securities structured as notes: debt securities that pay no interest, are not funds and sit outside the UCITS fund rules. Physical commodity ETCs are backed by a specific quantity of the commodity and aim to track its spot price, while synthetic ETCs track futures indices instead.
For investors that structure matters. An ETC is a note issued by a company, so its terms, its custody arrangements for the metal and its charges are worth reading in the product documents before buying. Our guide to how to invest in gold sets out the main routes, and gold sovereigns and Capital Gains Tax covers the tax treatment of coins.
