Silver Rises Over 120% YTD 
China’s gold market showed mixed signals in July 2025, with the People’s Bank of China continuing its buying streak by adding 2 tons, marking nine consecutive months of purchases and bringing total reserves to 2,300 tons.
However, retail demand remained subdued – Shanghai Gold Exchange withdrawals of 93 tons were well below the 10-year average, while Chinese gold ETFs saw outflows of 2.4 billion yuan ($325 million) as investors shifted to equities amid stronger economic data.
Gold imports for the first half of 2025 plunged 62% year-over-year to just 323 tons, reflecting weak jewelry demand at record-high prices despite continued investment interest.
