Switzerland's gold exports rose 6% month-on-month in September to 165.2 tons, the highest level since February 2025. Exports to the UK increased by 24% month-on-month to 126.2 tons, a new monthly high since at least 2012. According to the World Gold Council, global physically-backed gold ETFs saw record net inflows of $31 billion in Q3 2026. UK-listed gold ETFs attracted approximately $7.5 billion in inflows, also a new quarterly record. In September, global gold ETFs recorded net inflows of about $10 billion, with holdings increasing by 67 tons to a new historical high of 4,256 tons. The sustained inflows into UK-listed gold ETFs may reflect investor concerns about inflation uncertainty, fiscal sustainability, and sovereign bond market risks.