In 2025, the annual increase in domestic gold ETF holdings in China was 133.118 tons, representing a growth of 149.91% compared to 2024. As of the end of December 2025, the total scale of domestic gold ETFs reached 247.852 tons. PriceSeek's analysis of gold indicates a bullish-bearish score of 2.

The increase of 133.118 tons in domestic gold ETF holdings in 2025, with a year-on-year growth of 149.91%, bringing the total scale to 247.852 tons, reflects a robust surge in investment demand. This significant rise has substantially increased the pressure on physical gold purchases, thereby driving up spot prices.

Combined with data from the Shanghai Futures Exchange (SHFE) gold futures—such as the closing price of the 2606 contract at 1,092.72 yuan per gram and the settlement price of the 2608 contract at 1,087.8 yuan per gram—while the market exhibits short-term volatility, the increase in ETF holdings signals a rise in risk aversion sentiment. This trend is favorable for the medium- to long-term upward trajectory of futures prices, and it is anticipated that future contract prices will continue to rise, supported by sustained demand.