Gold’s rally in 2025 has turned into a full-blown stampede, as ETF investors poured more than $5 billion into the three largest gold-backed exchange-traded funds in September alone—marking the biggest monthly inflow on record for the asset class.
SPDR Gold Shares (NYSE:GLD), the world’s largest gold ETF, took in $2.67 billion, followed by iShares Gold Trust (NYSE:IAU) with $2.13 billion and Invesco Physical Gold ETC (CBOE: IPHSF) with $425 million.
If final numbers hold through the end of the month, this would eclipse all historical monthly ETF gold inflow records.
Year-to-date, SPDR’s GLD has amassed $13.56 billion in new capital, already the second-highest annual inflow ever and on pace to surpass its 2020 record of $15.3 billion. iShares’ IAU isn’t far behind, with $8.59 billion in fresh money, also chasing its all-time high. Even newer entrants such as Invesco’s IPHSF and Goldman Sachs Physical Gold ETF (NYSE:AAAU) saw meaningful traction, with inflows of $1.9 billion and $557 million, respectively.
Gold futures surged above $3,700 per ounce this month, climbing over 40% since the start …