Gold ETFs Hit Record 100.4M Ounces After Eight-Day Buying Streak

Global gold-backed ETFs have reached a record high of 100.4 million ounces, marking the highest level of holdings since March 3. This accumulation was driven by a consecutive buying streak of eight days, the longest observed since October 21, which added 52,500 troy ounces worth $227.9 million in the latest session.

The sustained inflows reflect strong institutional demand, with total net purchases for 2026 reaching 1.46 million ounces. August saw $18 billion in inflows, the second-largest monthly value on record, contributing to a 121-ton increase in total holdings and reinforcing the metal’s role as a store of value.

Swiss exports surge on robust physical demand

Physical demand metrics indicate strong liquidity, with Swiss gold exports jumping 65% in August. This increase was led by more than 100 tonnes of shipments to the United Kingdom, signaling continued movement of bullion into major global trading hubs. Imports also rose to 205 tons from 154.8 tons, confirming robust growth in the physical market.

Miners face rising operational costs

Australian gold producers are encountering significant cost pressures as higher diesel prices and labor shortages drive up operating expenses. Average all-in sustaining costs are projected to rise 15-20% year-over-year into FY27. Hemlo Mining also reported an electrical substation outage affecting 20-25% of production, with full replacement expected in December.

New capital sources enter precious metals

Franco-Nevada agreed to acquire a A$170 million royalty from Minerals 260 Limited to support the Bullabulling Gold Project in Western Australia. Separately, digital asset firm Tether provided approximately $1.5 billion in bullion financing to Gold.com, accounting for the majority of its outstanding metal leases and expanding capital access for the sector.