This month, investors pulled $576 million from SPDR Gold Shares, the largest ETF backed by the metal.
Gold holdings in global ETFs are near a three-year high.
Investors in ETFs that track gold producers are keeping the faith, even as the metal’s rally shows signs of fading.
The rally in bullion has faltered after the best first half of a year for the metal in almost four decades.
State Street, manager of the huge GLD fund, believes gold has staying power.