WGC – China Gold Market Update, Nov 2025

This report provides an update on the gold market in China as of November 2025, focusing on gold prices, demand, investment trends, and the impact of recent policy changes such as VAT reform.

Gold prices continued to rise globally, with significant inflows into Chinese gold ETFs and a decline in wholesale gold demand mainly due to weakness in the jewellery sector. The People’s Bank of China maintained its gold purchases, while the VAT reform has affected jewellery consumption but is expected to lead to industry consolidation and healthier market dynamics over time.