Chinese gold ETFs post worst June on record, but H1 inflows stay positive as wholesale and PBoC demand holds up – WGC’s Ray Jia (Kitco News)
AI Market Summary
Gold ended H1 2026 negative after June price weakness, attributed to hawkish Fed messaging that lifted real yields and the dollar. Despite June being the worst on record for Chinese gold ETF performance, H1 data show continued net inflows, a monthly rebound in wholesale demand, and ongoing PBoC demand, suggesting underlying bid remains even as macro headwinds cap near-term momentum.
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Gold’s sharp pullback in June wiped out earlier gains and left the metal in negative territory for the first half of 2026, but Chinese gold ETFs still recorded meaningful net inflows over the six-month period, according to Ray Jia, Head of China Research at the World Gold Council (WGC).
In the WGC’s latest China gold market update, Jia said June marked the weakest month on record for Chinese gold ETFs. Even so, he noted that first-half figures point to more resilient underlying demand, with ETF buying holding up, wholesale demand rebounding month-on-month in June, and continued interest from the People's Bank of China (PBoC).
Jia attributed part of June's price pressure to a shift in U.S. policy expectations. He wrote that remarks from new Fed Chair Kevin Warsh at last month's monetary policy meeting were viewed as hawkish, lifting real yields and strengthening the U.S. dollar.
Read the full story at Kitco.
