Spot gold in London topped $4,300/oz on Aug 7 after posting the largest single-day H2 gain a day earlier. As prices recovered, domestic gold ETFs accelerated allocations: since July mainstream products have seen net inflows of more than CNY10bn, and HuaAn’s gold ETF recorded 18 consecutive trading days of net inflows. Gold has retraced over 26% from this year’s peak, with shifts in liquidity conditions cited as the primary driver of the correction. Supported by ongoing central-bank purchases, pu

Spot gold in London topped $4,300/oz on Aug 7 after posting the largest single-day H2 gain a day earlier. As prices recovered, domestic gold ETFs accelerated allocations: since July mainstream products have seen net inflows of more than CNY10bn, and HuaAn’s gold ETF recorded 18 consecutive trading days of net inflows. Gold has retraced over 26% from this year’s peak, with shifts in liquidity conditions cited as the primary driver of the correction. Supported by ongoing central-bank purchases, public fund managers expect further near-term bottoming but say the long-term structural bull case for gold remains intact.