China's Gold Rush: Record ETF Inflows & Demand in January! 🚀

The gold market is experiencing a significant surge, fueled by massive demand from the East. A recent World Gold Council report highlights China's unprecedented gold buying spree, kicking off January 2024 with impressive activity.

🔸 In January alone, China's gold ETFs recorded net inflows of 44 billion RMB. This is equivalent to $6.2 billion USD or 38 tons, pushing total Assets Under Management to an all-time record high. 💰

🔸 Physical demand also remained robust. Gold withdrawals from the Shanghai Gold Exchange (SGE) reached 126 tons, an increase of 11 tons from the previous month. This surge was primarily driven by strong demand for bar hoarding and jewelry. ✨