In January, China's gold ETF saw inflows of 44 billion yuan, setting a record high for the start of the year.

The World Gold Council released the "China Gold Market Monthly Review," stating that in January, China's upstream physical gold demand remained robust. The Shanghai Gold Exchange's gold withdrawals reached 126 tons, an increase of 1 ton year-on-year and 11 tons month-on-month. Gold bar sales were strong, and jewelry retailers increased restocking efforts before the Spring Festival, jointly supporting gold demand. In January, gold ETF inflows in the Chinese market reached 44 billion yuan (approximately $6.2 billion, 38 tons), setting a new record for the start of the year, with both total assets under management and total holdings hitting all-time highs. In 2026, the People's Bank of China increased its gold reserves by 1.2 tons to 2,308 tons, accounting for 9.6% of total foreign exchange reserves.