Record High Gold Demand in China and Global Central Banks Boost Gold ETFs in 2023

China's gold production and consumption increased in the first nine months of 2023, with gold production rising by 0.47% and gold consumption increasing by 7.32% compared to the same period last year, according to data from the China Gold Association. The consumption of gold jewelry and gold bars and coins in the Chinese market also saw significant growth. Additionally, Chinese gold-backed exchange-traded funds (ETFs) added 9.53 tonnes in the third quarter, bringing the total holdings to about 59.69 tonnes. Experts suggest that China's selling off of U.S. assets may lead to increased gold purchases as a safe-haven alternative.