China's gold market is cooling, multiple metrics show

Impact · against what's priced in

The cooling of the Chinese gold market represents a significant erosion of a primary price pillar, impacting both physical demand and institutional sentiment. While gold equities have already begun to decline, the scale of the SGE withdrawal drop and ETF outflows suggests a potential structural shift in domestic demand that may further weigh on valuation.

0489.HK−0.60

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