Investors kept buying gold-backed exchange-traded funds through October even as the gold price fell sharply, lifting global holdings to a record, the World Gold Council said.

Funds attracted US$2.7 billion in the month, the fourth consecutive month of inflows, and holdings rose by 19 tonnes to 4,275 tonnes. The inflows came even though the value of those holdings dropped: assets under management fell 6% to US$542 billion because the lower gold price outweighed the new money coming in.

In the first ten months of 2026, gold ETFs added US$41 billion, the third-strongest January-to-October result on record, and their holdings rose by 246 tonnes.

Europe led as US investors sold

Europe added US$1.8 billion in October, led by the UK, which recorded the largest inflows of any country at nearly US$845 million. Asia added more than US$1.3 billion, led by China at nearly US$784 million and Germany at more than US$493 million. North America was the only region to record outflows, losing US$512 million.

European funds have now seen inflows for four months in a row, and Asian investors also bought for a fourth consecutive month. The UK recorded the largest inflows of any country in October and has led all countries for inflows so far this year.

The figures show demand for gold-backed funds held up through October's price slide, with European and Asian buyers more than offsetting selling by North American investors.