China Gold Market Cools as ETF Outflows Top RMB 10 Billion and May Withdrawals Hit 63.5 Tonnes
Updated
Updated · Kitco NEWS · Jun 4
China Gold Market Cools as ETF Outflows Top RMB 10 Billion and May Withdrawals Hit 63.5 Tonnes
2 articles · Updated · Kitco NEWS · Jun 4
Summary
Fourteen Chinese gold ETFs logged combined net outflows of more than RMB 10 billion over the past month, signaling a sharp reversal in one of the rally’s key sources of demand.
May withdrawals from the Shanghai Gold Exchange fell to 63.5 tonnes, the lowest since February 2020 and about half March levels, showing physical demand has also cooled markedly.
Volatile prices and heightened uncertainty have split the once-dominant “buy the dip” trade, while Hong Kong-listed gold miners slid broadly, with several major names down roughly 3% to 3.6%.
Industry professionals still say gold’s medium- to long-term case remains intact, suggesting the latest pullback reflects short-term turbulence rather than a full break in strategic demand.