Are gold prices heading to $5,000+? Global gold ETF holdings are up to ~100 million ounces, near their highest level in at least 9 months. Gold holdings have risen over +4 million ounces since their July low, more than recovering the decline recorded between April and July. Most recently, gold-backed ETFs have seen 8 consecutive daily inflows, their longest streak since October 2025. Meanwhile, gold prices moved roughly in-line with gold ETF holdings until mid-August this year. Therefore, if gold prices catch up with the recent rise in holdings, they could surge above $5,000 in the coming months. Investors are piling into gold funds at an accelerated pace.