WGC – China Gold Market Update, Jan 2026
The report covers the performance and dynamics of the gold market in China at the start of 2026.
Gold prices had a strong start in January 2026, with record highs for both the LBMA Gold Price PM in USD and the Shanghai Benchmark Gold Price PM in RMB. Despite some pullbacks, prices found support around key thresholds, indicating buying on dips by consumers and investors. Wholesale demand was robust, driven by bullion sales and jeweller restocking ahead of the Spring Festival. Chinese gold ETFs saw record inflows, and the People's Bank of China increased its gold holdings. Demand for gold jewellery and bullion investment is expected to rise during the Chinese New Year holiday, supported by gifting and self-reward purchases, although high prices may limit jewellery consumption. Rapid price swings have also increased bullion buying and gold recycling activities, boosting market liquidity.
