China Gold Market Update

China's gold market saw a record-breaking start to 2026 with historic price highs, record ETF inflows, and the 15th consecutive month of PBoC accumulation.

Key Takeaways

• 1.Gold prices hit historic highs in January 2026, with the LBMA Gold Price reaching its highest January since 1980 and the SHAUPM seeing its strongest start ever.
• 2.Chinese gold ETFs recorded their strongest start to a year ever, with AUM and holdings reaching all-time highs of RMB333bn and 286t respectively.
• 3.The People's Bank of China (PBoC) extended its gold buying streak to 15 consecutive months, bringing official holdings to 2,308t.

Table of Contents

• Highlights
• Looking ahead
• A strong but turbulent start to the year
• Wholesale gold demand could have been stronger
• A strong start for Chinese gold ETFs
• China's gold purchasing streak goes on
• A weak 2025 for gold imports
• Author
• Important information and disclosures

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