China's gold-backed ETFs holdings add 11.5 ton in Q1

minutes 2021/05/04 01:11:17

May 04, 2021 (China Knowledge) - The latest data from the China Gold Association (CGA) shows the holdings of gold-backed exchange-traded funds (ETFs) in China added 11.5 tons in Q1 2021.

Total holdings of gold ETFs in the Chinese market rose to a record of 72.4 tons by the end of March, fuelled by lower gold price in domestic market and the stock market volatility.

Interests in gold, most notable gold ETFs, have risen due to concerns over the impact of the COVID-19 pandemic. Gold is widely viewed as insurance against accelerating price increases.

Last year, global gold ETFs reached an annual net inflow record of 877 tons. But, this Q1 saw outflows of 177.9 tons due to price fluctuations and rising yields of U.S. bonds.

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