📈September Sees Record Inflows to Precious Metals ETFs: Cable FX Macro

• In 2025, gold has seen significant net inflows due to geopolitical tensions, US tariff policies under a second Trump administration, a declining US dollar (down over 9% this year), and anticipated Federal Reserve rate cuts. These elements have pushed spot gold prices to several record highs, reaching $3,833/oz on September 29, 2025. So far this year, global gold demand has been robust, with total ETF inflows amounting to $47 billion by the end of August—potentially marking the second-best year on record after 2020.

• September is poised to make history with record inflows into precious metals ETFs, driven by gold. In 2025, physically backed gold exchange-traded funds (ETFs) have experienced significant inflows, reversing the multi-year outflows from 2021 to 2024 due to high interest rates. Investors consider gold a safeguard against inflation, trade conflicts, and fiscal uncertainty. As of August 31, global ETF holdings amount to 3,639 tonnes, with assets under management (AUM) reaching $386 billion, marking a month-end high.