GLD gold ETF finds floor as Q3 report boosts momentum

GLD (SPDR Gold Shares), which is the leading gold ETF, has held steady above the once evasive zone of $360 as uncertainties and a weaker US dollar bolster safe haven demand. In line with the Q3 demand report, the gold market is on track to record its strongest year yet. 

Gold ETFs set market on track for a record year  

Gold ETFs make up a significant part of the gold market as investors seek exposure to the conventional safe-haven asset. This has been particularly visible in recent months with the precious metal’s historic rallying.

Data from the World Gold Council (WGC) highlighted slowed gold ETF inflows in October compared to the previous month. However, they remained within 2025’s average of $7.1 billion. With the heightened institutional and individual demand, global gold ETFs are less than two months away from recording the strongest year. 

October marked the fifth consecutive month of ETF inflows as demand moved in tandem with the prices. In Q3’25, the precious metal’s total demand rose by 3% YoY to the highest quarterly total of 1,313 tonnes. Year to date, the demand has surged by about 1%. 

In addition to the steady rise in the demand for gold bars and coins, heightened ETF purchases have fueled the total demand. For instance, central bank buying in Q3 rose by 28% from the previous quarter. Even after the much-awaited pullback, the bulls remain in control as strong fundamentals prop up the precious metal. 

At the same time, the weakening of the US dollar has steadied the GLD gold ETF above the crucial support zone of $360. The dollar index has erased the gains made earlier in the week as uncertainties stemming from the US government shutdown bolster safe haven demand. As is the case with other dollar-priced assets, a decline in the value of the greenback makes gold less expensive for buyers holding foreign currencies. 

GLD Gold ETF Technical Analysis

For about two weeks now, the GLD gold ETF has been trading within a rather tight range. This is after cooling off from the 50th record high in late October. 

Even with the easing, the bulls remain in control as the derivative continues to trade above the medium-term 50-day EMA. At the time of writing, it was hovering near the short-term 25-day EMA at $ 368.64.

In the near term, the range between the support zone of $360.50 and the resistance at $370 will be worth watching. Further rebounding may activate the crucial support-turn-resistance level of $376. On the flip side, a pullback below the 50-day MA at $357 will invalidate this bullish thesis.