Gold Breaks $4,300: Week 2 (Dec 2025) ETF Flows

Week 2 (Dec 2025): Gold Prices & ETF Fund Flows — Spot Gold Breaks Above $4,300

December, Week 2 — Gold Prices & ETF Fund Flows.
The second week of December 2025 was, quite simply, a week of records. International spot gold decisively cleared the major resistance level around $4,200/oz and stabilized above $4,300/oz. Silver also surged through the key psychological threshold of $60/oz, reinforcing market narratives around a potential “commodities supercycle.”

This rally was driven by more than short-term optimism. Portfolio shifts by “smart money,” including large endowments such as Harvard’s, combined with upward target revisions from major Wall Street investment banks. In this post, we take a closer look at December Week 2 gold prices and gold ETF fund flows to understand what is moving the market beneath the surface.

Weekly Price Performance

Gold and silver posted sharp weekly gains, and domestic physical prices reflected the move. With the FX rate largely flat, most of the domestic price changes were primarily driven by the rise in international spot prices.

Category	Prior Week Close	This Week Close	Weekly Change
Global Spot Gold	$4,197.13	$4,302.43	▲ 2.51%
Global Spot Silver	$58.29	$62.01	▲ 6.38%
KRX Spot Gold (1kg)	200,980 KRW	203,390 KRW	▲ 1.20%
Domestic Silver Bar (Buy Price)	3,601,791 KRW	3,961,282 KRW	▲ 9.98%
USDKRW	1,473.81 KRW	1,474.91 KRW	▲ 0.07%

Notably, domestic silver bar prices surged nearly 10% week-over-week.

ETF Fund Flow Analysis

To assess whether the price rally has “staying power,” ETF flows remain one of the most important signals to monitor.

1) U.S. Spot Gold ETF Net Inflows

Total for December Week 2: +2,160.1 (unit: 10 billion)

There were some outflows early in the week (Dec 8–9), but strong inflows concentrated on Dec 10–12 pushed the week into net positive territory. GLD, GLDM, and IAU led the gains, with buying spread across a mix of large, low-cost funds.

2) U.S. Spot Silver ETF Net Inflows

Total for December Week 2: +6,536.9 (unit: 100 million KRW)

Inflows were largely led by SLV, and SIVR also posted a notable inflow spike on the 11th, adding momentum. Because silver ETFs often swing quickly during sharp price moves, the key question for next week is whether inflows remain sustained.

3) Korea Spot Gold ETF Net Inflows

Total for December Week 2: +0.2 (unit: 100 million KRW)

Korea’s spot-gold ETFs—ACE KRX Spot Gold ETF and TIGER KRX Spot Gold ETF—were effectively flat on a net basis. This highlights how investor sentiment can differ between U.S. dollar-based overseas ETFs and domestic spot-backed ETFs, even when both track gold exposure.

Key News & Market Insights

Below are the major headlines and what they imply for the gold and silver market.

1) The Return of “Smart Money”: Harvard Endowment’s Allocation Shift

News: Harvard endowment increased exposure to both Bitcoin and gold in Q3.
Insight: Endowments are known for conservative, long-term portfolio construction. Adding both gold and Bitcoin suggests gold is increasingly viewed not only as an inflation hedge, but as a core institutional asset. Institutional inflows can strengthen the market’s downside support. (Related article)

2) Silver Breaks $60 — But Caution Flags Remain

News: Silver breaks above $60; Standard Chartered warns it may be too early to celebrate.
Insight: Standard Chartered highlighted near-term overheating risks. Silver is structurally more volatile than gold, so sharp swings are common during attempts to “hold” a major level like $60. Rather than chasing rallies, a phased buying approach on pullbacks may be more effective. (Related article)

3) Bold Wall Street Call I: Wells Fargo Targets “$4,700”

News: Wells Fargo: “Gold will be the best commodity in 2026… heading toward $4,700.”
Insight: Wells Fargo named gold its top commodity pick for 2026, citing ongoing central bank accumulation and persistent supply constraints. (Related article)

4) Bold Wall Street Call II: Goldman Sachs Targets “$4,900”

News: Goldman Sachs: Gold may reach $4,900 in 2026.
Insight: Goldman Sachs went further, projecting $4,900/oz—roughly 14%+ upside from current levels around $4,302. The notable point is that major investment banks are increasingly aligned on a broadly bullish stance. (Related article)

Outlook for Next Week & Investment Strategy

“A Fearless Rally — But Keep Your Seatbelt On”

This was the first week gold entered the “uncharted” $4,300 zone. In new-high territory, with limited technical reference points above, price discovery can accelerate in either direction—and forecasting becomes inherently uncertain.

Short-term strategy: If profit-taking emerges after the sharp rise, $4,250–$4,280 is likely to act as the first key support zone. Holding this range would help keep the uptrend intact.

Medium-to-long-term strategy: With major banks projecting $4,700–$4,900 for 2026, phased accumulation can remain reasonable even at current levels. For silver, however, volatility is expanding—so caution with leverage is strongly recommended.

We will continue to track key economic data and ETF fund flows closely and deliver timely updates again next week.

Disclaimer: This content is for informational purposes only. Investment decisions and responsibilities remain with the investor.