Gold price is still under pressure, trading near $4,143 and down roughly 4.2% for the year, but ETF investors are behaving very differently from the price chart.
Global Markets Investor pointed out that gold ETFs added another 143,200 troy ounces on Wednesday, extending their buying streak to five straight trading days.
That brought total ETF purchases in 2026 to about 2.01 million ounces, worth roughly $598.9 million based on the prior session’s spot price.
The bigger story is that total known ETF gold holdings have now reached 100.9 million ounces, their highest level since August 2022.
What you'll learn 👉
ETF Investors Are Buying Into Weakness
The latest data shows a clear divergence between gold price and ETF demand.
Gold has been moving lower, but ETF holdings continue moving higher.
That is unusual because prolonged price weakness often leads investors to cut exposure. This time, many ETF buyers appear to be doing the opposite and adding positions as gold gets cheaper.
The chart makes this very easy to see.
The orange line, representing ETF holdings, has moved steadily higher toward the 101 million ounce area.
The white line, which represents spot gold, has been moving lower at the same time, falling back toward the low-$4,000 region.
🔥Gold ETF demand is showing incredible resilience despite the recent decline in metal prices: Gold ETFs added +143,200 troy ounces on Wednesday, extending their buying streak to 5 consecutive trading days. The latest inflow brings total ETF gold purchases in 2026 to 2.01 million ounces, worth around $598.9 million at the prior session’s spot price. Total known ETF holdings have now risen to 100.9 million ounces, their highest level since August 5, 2022. At the same time, gold is down -4.2% for the year to $4,143, highlighting a historic divergence between ETF holdings and the underlying metal prices. Rather than selling into weakness, ETF investors are continuing to add exposure as prices decline, suggesting that demand remains strong despite the pullback. Investors are buying the dip in gold.
— Global Markets Investor (@GlobalMktObserv) October 4, 2026
That gap has widened considerably over the past several weeks.
The Chart Shows a Major Divergence
Earlier in the chart, ETF holdings and gold price generally moved in the same direction.
That relationship has now broken down.
Gold peaked much higher earlier in the year and has since fallen back, but ETF holdings kept increasing.
This creates a very different setup from a normal sell-off.
Investors are not abandoning exposure. They are using the lower price to accumulate more.
That does not mean gold is guaranteed to reverse immediately, but it does show that underlying demand is still there.
Read also: Here’s Where Gold and Silver Prices Might be Headed This Week
Why ETF Demand Could Help Gold Stabilize
Persistent ETF buying can become important if selling pressure starts to ease.
If gold stops making lower lows and ETF inflows continue, the market could begin building a stronger floor around current levels.
The first area to watch is around $4,100-$4,150, where gold is trading now.
If that zone holds, a rebound toward $4,250-$4,300 would be the first realistic upside move.
Above that, $4,400 becomes the next level to watch.
On the downside, a clean move below $4,100 would put the $4,000 psychological level back in focus.
Gold Price Outlook
The short-term chart is still weak, so ETF buying alone is not enough to call a bottom.
But the divergence is becoming difficult to ignore.
Gold is down for the year, yet ETF holdings are at their highest level in more than four years.
If that buying continues and price manages to hold above $4,100, the market could be setting up for a recovery phase.
For now, the key question is whether ETF demand can finally start overpowering the selling pressure.
If it can, this current dip may eventually look like the area where longer-term investors started building positions again.
For more financial news and price predictions, click here.
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