BT Explainer: China’s gold market — What rising ETF inflows and falling physical demand signal

China’s gold market is witnessing a divergence, with gold exchange-traded funds (ETFs) attracting strong investment inflows even as wholesale demand weakens amid high prices and subdued jewellery consumption. What is driving this trend, and what does it reveal about Chinese investors, consumers and the broader gold market?

Oct 19, 2026 - 04:00
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BT Explainer: China’s gold market — What rising ETF inflows and falling physical demand signal
China’s gold market is witnessing a divergence, with gold exchange-traded funds (ETFs) attracting strong investment inflows even as wholesale demand weakens amid high prices and subdued jewellery consumption. What is driving this trend, and what does it reveal about Chinese investors, consumers and the broader gold market?

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