Gold Trust ETF Holdings Fall 30 Tonnes as Gold Rallies 20%
GLD’s reserves fell by almost 30 tonnes last week, marking the largest weekly decline in over two years, even as gold has rallied nearly 20% year-to-date on dollar weakness and crude oil declines. Central banks and physical bullion buyers are offsetting ETF outflows, driving record-high prices near $5,180 per ounce.
1. Unusual ETF Outflows
GLD saw holdings decline by almost 30 tonnes last week, the largest weekly drop in over two years, even as the fund’s underlying gold price rose. This divergence suggests traditional ETF investors are stepping back despite a 20% year-to-date rally in the metal.
2. Alternative Demand Sources
Central banks remained significant net buyers in late 2025, while private investors increased purchases of physical bars and coins. Large speculators held roughly 160,145 net-long gold futures contracts as of early March, indicating modest bullish positioning near a two-year low.
3. Price Drivers and Outlook
Gold has reached near $5,180 per ounce on a weakened dollar and a sharp decline in oil prices after signals that the Middle East conflict may be winding down. The rally’s sustainability will hinge on whether central banks and physical buyers can continue to offset ETF outflows and whether the Federal Reserve will cut interest rates later this year.