Gold Hits Decades-High January; PBoC Adds Reserves
Chinese gold ETFs recorded RMB44 billion (US$6.2 billion) in inflows, lifting total assets under management to a record RMB333 billion.
SEATTLE (Scrap Monster): Gold entered 2026 with exceptional momentum, as the London Bullion Market Association Gold Price PM in USD recorded its strongest January performance since 1980. Meanwhile, the Shanghai Gold Exchange benchmark price (SHAUPM) in RMB posted its best start to a year on record, underscoring robust global and Chinese demand.
Although gold prices pulled back in late January and early February, the market found firm support near key thresholds of US$5,000 per ounce and RMB1,000 per gram. Analysts attribute this resilience to active dip-buying by consumers and investors. Wholesale demand remained solid, with Shanghai Gold Exchange withdrawals reaching 126 tonnes in January, up 11 tonnes month-on-month, driven by strong bullion sales and jeweler restocking ahead of the Lunar New Year.
Chinese gold ETFs recorded RMB44 billion (US$6.2 billion) in inflows, lifting total assets under management to a record RMB333 billion. Holdings climbed 38 tonnes to 286 tonnes, also an all-time high. The People's Bank of China added 1.2 tonnes to reserves, bringing total holdings to 2,308 tonnes. Analysts expect continued volatility, increased recycling activity, and sustained investor interest amid easing monetary policy and geopolitical uncertainty.
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