Chinese Gold ETFs see record inflows - ING

Recent reports suggest that Chinese gold exchange-traded funds (ETF) inflows reached a fresh daily record late last week. Investors continue to rush towards the yellow metal amid intensifying trade tensions. According to Bloomberg data, inflows into China's four major gold ETFs reached a record of nearly 3 billion yuan (US$410M) on Thursday, ING's commodity analysts Warren Patterson and Ewa Manthey note.

COMEX speculators cut Gold exposure

"Speculative interest in Comex gold futures remains muted. Weekly Commodity Futures Trading Commission (CFTC) data show that managed money net longs in COMEX gold decreased a third consecutive week by 38,088 lots to 138,465 lots as of 8 April. That's the biggest weekly decline since 3 October 2023. Some of the selling could reflect meeting margin calls in other assets, given the recent volatility in broader markets."

"Shanghai Futures Exchange (SHFE) data shows that weekly inventories for all base metals fell over the reporting week. Copper led the decline with stocks falling by 42,795 tonnes for a third consecutive week to 182,941 tonnes as of last Friday. This was the biggest weekly decline since April 2020, taking total inventories to the lowest since the end of January 2025."

"There are suggestions that domestic manufacturers and traders bought huge volumes of copper following the more recent weakness in prices. Meanwhile, aluminium inventories fell by 9,447 tonnes to 205,627 tonnes."