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.
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 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.
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.
