China's gold market

This primer serves as an introduction to China’s gold market. It provides an overview of China’s jewellery and investment markets, key drivers of demand and the gold mining industry.

Gold-backed ETF holdings grew 14% in 2019, reaching all-time highs

Global gold-backed ETFs and similar products had US$19.2bn, or 400 tonnes(t), of net inflows in 2019 in almost all countries, after holdings rebounded in December. Collective ETF holdings reached all-time highs of ~2,900t in the fourth quarter. Overall, global gold-backed assets under management (AUM) grew 37% in US dollars during the year as a result of positive demand combined with an 18.4% increase in the gold price. 

Gold Outlook 2020

Risk appetite amid high uncertainty
As we look ahead, we expect that the interplay between market risk and economic growth will drive gold demand in 2020