Chinese Gold ETFs Record Worst June but H1 Shows Resilient Demand with PBoC Buys – WGC

Gold prices dropped sharply in June after hawkish comments from the new Fed Chair, triggering record outflows from Chinese gold ETFs totaling 15 billion yuan. First-half ETF inflows still hit 40 billion yuan, the second-strongest on record, backed by geopolitical uncertainties and central bank purchases. Wholesale withdrawals from the SGE rebounded 36% month-on-month to 87 tonnes, yet H1 volumes fell 12% year-on-year to 598 tonnes. The PBoC added 15 tonnes, extending its buying streak to 20 months and lifting reserves to 2,346 tonnes. WGC’s Ray Jia said stabilizing prices could support recovery, though equity market trends will shape future investment demand.