--- title: "Gold ETFs lead the decline, with commodity ETFs experiencing a record outflow of $11 billion in a single month" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/280485907.md" description: "As the conflict in the Middle East continues, ETF investors are withdrawing funds from commodity products at a record pace, with a monthly outflow reaching $11 billion, setting a historical high. Gold funds such as SPDR Gold Shares saw outflows of over $7 billion, while silver ETFs also faced approximately $1.4 billion in redemptions. Analysts point out that investors are eager to lock in profits, and expectations of interest rate hikes and a stronger dollar have increased downward pressure on gold. Despite typically being viewed as a safe-haven asset during times of economic uncertainty, commodity ETFs have experienced historic capital outflows this time" datetime: "2026-03-25T13:52:47.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280485907.md) - [en](https://longbridge.com/en/news/280485907.md) - [zh-HK](https://longbridge.com/zh-HK/news/280485907.md) --- > 支持的语言: [English](https://longbridge.com/en/news/280485907.md) | [繁體中文](https://longbridge.com/zh-HK/news/280485907.md) # Gold ETFs lead the decline, with commodity ETFs experiencing a record outflow of $11 billion in a single month The Zhitong Finance APP noted that as the Middle East conflict continues to disrupt the market, ETF investors are withdrawing funds from commodity products at the fastest recorded pace. Approximately 100 ETFs, including those covering precious metals and broad-based commodity funds, have seen about $11 billion in withdrawals. According to data dating back to at least 2005, although March is not yet over, this amount has already set a record for the largest single-month outflow in history. The most concentrated outflows are from gold funds, with SPDR Gold Shares (GLD.US) seeing over $7 billion withdrawn, and other metal funds have not been spared. Silver ETFs have also faced about $1.4 billion in redemptions. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260325/1774445080384539.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) Investors withdraw $11 billion from commodity ETFs Analyst Athanasios Psarofagis stated that considering the strong performance of gold prices before the outbreak of war, "investors are eager to exit to lock in profits. Most investors are likely to have made substantial gains, and they are the ones selling the most aggressively." Gold has performed poorly during the Iran conflict, partly because investors are "liquidating positions for cash," as the war prompts them to sell liquid and profitable positions. Additionally, expectations of interest rate hikes and a stronger dollar have increased downward pressure on gold, which does not provide interest. Since the U.S. and Israel began attacking Iran on February 28, the commodity market has been thrown into chaos due to the actual closure of the Strait of Hormuz. The oil and gas markets have intensified volatility across the entire financial market. Brent crude oil prices surpassed $104 on Tuesday. This month, the inflow and outflow rates of energy-related products have reached levels not seen in years. For some market observers, the historic outflow of funds from the commodity category is surprising, as these funds are typically viewed as safe havens during periods of economic uncertainty. Psarofagis added, "During the sell-off in the commodity market, commodity ETFs have experienced record outflows—considering their usual roles as hedges against inflation and risk, this is an unusual turn. It is shocking that this volatility is primarily driven by gold and silver rather than oil ETFs." For example, the United States Oil Fund (USO.US) has received about $400 million in inflows so far this month. Data shows that March marks a significant reversal for commodity ETFs (especially metal ones). In February, these funds attracted nearly $7 billion in inflows, achieving nine consecutive months of inflows. The last time investors withdrew from this category was in May 2025, when easing trade tensions weakened demand for safe-haven assets like gold. Carley Garner, a senior commodity strategist and broker at DeCarley Trading, stated, "Many metal buyers are experiencing 'buyer's remorse' after rapid and significant losses and are currently looking for their next move. 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