Largest U.S. gold ETF sees $14 billion in outflows since March, amid gold's year-to-date pullback

Amid the 7.8% Gold sell-off year-to-date (YTD), the largest gold ETF (exchange-traded fund) in the United States, SPDR Gold Shares (NYSE Arca: GLD), has recorded over $14 billion in cash outflows since March 1, 2026. Between March 1 and July 16, the GLD gold ETF has recorded a total outflow of approximately $14.4 billion, based on metrics from Bloomberg . As such, the GLD trust has a total net asset value (NAV) of nearly $128.61 billion on July 16, according to data analyzed by Finbold on July 17. GLD daily cash flow. Source: Eric Balchunas, Bloomberg The GLD trust saw its total net assets decline by about $8.5 billion in March, the largest monthly outflow in its record. This gold ETF then registered net outflows of $1.7 billion, $872 million, and $3.2 billion in April, May, and June, respectively. Meanwhile, the GLD trust has lost about $46 million so far in July. Why is gold selling off? YTD, the commodity has dropped about 7.89%, trading at around $3,994.95 at press time. As such, gold’s market capitalization has dropped to nearly $27.82 trillion at the time of reporting, based on an update from CompaniesMarketCap. Gold spot YTD chart.Source: TradingView The gold sell-off YTD could be fueled by rising demand for semiconductor stocks and industrial metals driven by explosive demand for AI (Artificial Intelligence)-related hardware. Robbie Mitchnick, the head of digital assets at BlackRock Inc. (NYSE: BLK ), previously said that the AI boom has been sucking oxygen out of non-AI-centric assets, as Finbold explained . Already, the top semiconductor stocks – including Nvidia Corp. (NASDAQ: NVDA ), Advanced Micro Devices, Inc. (NASDAQ: AMD ), and Broadcom Inc. (NASDAQ: AVGO ) – have been on a rising trend YTD. Nonetheless, Gold has strong tailwinds, which include global inflation and notable demand from central banks. As a result, if GLD trust begins to record monthly cash inflows amid robust tailwinds, the asset’s price could rebound, as Finbold reported .