Chinese Gold ETFs Attract Inflows in July as Net Longs Climb, Yet Wholesale and Jewelry Demand Stay Weak – WGC

According to the World Gold Council, Chinese gold ETFs recorded $744 million in net inflows during July, lifting assets under management to RMB 250 billion (US$37 billion) and holdings to 282 tonnes. Futures trading volumes on the SHFE declined 4% month-on-month to 292 tonnes per day, while top participants’ net longs increased 24 tonnes to 117 tonnes, reflecting better sentiment. Wholesale demand remained subdued, with SGE withdrawals falling 8% to 80 tonnes and 15% year-on-year amid elevated prices and weak consumer confidence. The People’s Bank of China added another 20 tonnes, bringing reserves to 2,366 tonnes, while June net imports reached 152 tonnes. WGC’s Ray Jia highlighted that stabilizing prices and geopolitical uncertainty boosted institutional buying, yet a potential equity market rebound could divert investor focus in August.