On July 30, 2026, the latest quarterly report from the World Gold Council (WGC) showed that as of end-June, global precious metals ETF total assets exceeded $500 billion for the first time, reaching $502 billion, up 8.2% QoQ and 32% YoY. This milestone growth was driven by gold, silver, and platinum ETFs, with silver ETFs surging 45% YoY to become investors' new favorite for asset allocation.
Gold ETFs: Absolute dominance in size, continued Asian inflows
The report noted that gold ETFs remain the cornerstone of precious metals ETFs, with total assets of about $351.4 billion at end-Q2, accounting for 70% of global precious metals ETF assets. Despite gold prices trading high above $2,800/oz, investors did not retreat; global gold ETFs saw net inflows of about $12 billion in Q2, the third consecutive quarter of positive inflows. Asia contributed over 40% of net inflows, with gold ETFs from China, India, and Japan especially popular.
"Asian investors' enthusiasm for gold ETFs mainly stems from ongoing concerns over geopolitical risks and inflation," said John Reade, Chief Market Strategist at WGC. "Meanwhile, the Thai market also saw significant growth in gold ETFs. Local products like ThaiBMA Gold ETF (ticker: GLD) saw AUM grow 18% in Q2, reflecting Southeast Asian investors' preference for convenient gold investment tools." Data from the Stock Exchange of Thailand showed that the country's total gold ETF assets surpassed $3 billion, hitting a record high.
Silver ETFs: Industrial and investment demand resonate, fastest growth
Silver ETF performance was remarkable. As of end-June, global silver ETF total assets reached $125.5 billion, surging 45% YoY and up 12% QoQ. Q2 net inflows totaled about $8 billion, the largest quarterly inflow since 2020. Analysts believe silver's dual nature as precious and industrial metal, coupled with green energy transition (solar, EVs) and central bank rate cut expectations, drove industrial demand higher, while investment demand rebounded, boosting silver ETF appeal.
ASEAN countries like Singapore and Thailand also benefited from this trend. iShares Silver Trust (SLV) saw strong growth in Asian shares, while Thailand's local silver ETF like ThaiBMA Silver ETF (ticker: SLV) attracted significant retail and institutional funds. An analyst at Thailand Precious Metals ETF Investment Network said: "The rapid growth of silver ETFs reflects investors' demand for cheap hedging tools and physical silver alternatives, especially against the backdrop of high gold prices, silver's cost-effectiveness stands out."
Platinum and palladium ETFs: Supply disruptions catalyze inflows
Platinum and palladium ETFs, though smaller in size, also grew considerably. As of end-June, global platinum ETF total assets were about $12.6 billion, up 28% YoY; palladium ETFs about $12.5 billion, up 22% YoY. In Q2, strikes at South African platinum group metal mines and Russian export restrictions further tightened supply, pushing investors to allocate via ETFs. The world's largest platinum ETF, ETFS Physical Platinum (PPLT), saw net inflows of about $500 million in Q2, while palladium ETF ETFS Physical Palladium (PALL) saw net inflows of about $300 million.
However, analysts caution that platinum and palladium markets are small, with relatively low liquidity and high price volatility, so investors should be mindful of risks. Thailand's precious metals ETF market currently lacks dedicated platinum or palladium ETF products, but investors can participate through international channels.
Capital flows: Risk appetite changes drive allocation strategies
Geographically, Europe and North America remain the main bastions of precious metals ETFs, but Asia posted the fastest growth. In H1 2026, Asia saw net inflows of about $18 billion into precious metals ETFs, accounting for 35% of global net inflows, up from 25% last year. This is closely tied to accommodative expectations of Asian central banks, local currency depreciation pressures, and rising retail investment penetration.
Moreover, capital is shifting from single gold ETFs to diversified allocations. Data showed that multi-asset precious metals ETFs (e.g., those holding gold, silver, platinum, and palladium) saw net inflows of about $3 billion in Q2, a record high. This indicates investors are no longer solely betting on gold, but capturing opportunities across the entire precious metals sector through diversification.
Outlook: How can Thai investors seize opportunities?
For Thai investors, precious metals ETFs offer low-barrier, high-liquidity investment channels. Currently, tradable precious metals ETFs on the Thai market mainly include:
- ThaiBMA Gold ETF (GLD): tracks domestic gold price, fee 0.4% p.a.
- ThaiBMA Silver ETF (SLV): tracks international silver price, fee 0.5% p.a.
- SET 50 Gold Futures ETF: gold futures-based ETF product.
Additionally, Thai investors can also purchase major global precious metals ETFs through the US stock market, such as SPDR Gold Shares (GLD) and iShares Silver Trust (SLV). However, currency risk should be noted.
The WGC expects that global precious metals ETF total assets could challenge $550 billion in H2 2026. With the Fed's rate cut cycle deepening and global economic uncertainty persisting, precious metals' status as safe-haven assets will further consolidate, and ETFs as convenient investment tools will continue to benefit. Thailand Precious Metals ETF Investment Network suggests investors allocate gold, silver, and platinum group metal ETF holdings reasonably based on their risk appetite and asset allocation needs, while closely monitoring macroeconomic data and capital flow changes.
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