According to a report released by the World Gold Council on September 9, global gold ETFs saw net inflows of $18 billion in August, with total assets under management (AUM) surging 16% from the previous month to $615 billion. Holdings increased by 121 tons to 4,189 tons, reaching a new all-time high. North America and Europe together accounted for approximately 90% of global inflows, with Europe achieving its strongest single-month performance ever. The report noted that policy concerns triggered by US intervention in the foreign exchange market to support the Japanese yen, worries about the fiscal sustainability of the US Treasury market, and the risk of a depreciating US dollar collectively drove investors to increase their allocation to gold.