NET inflows to gold-backed exchange-traded funds (ETFs) in China amounted to 11.04 tons in the first nine months of this year, industry data showed. The figure brought total holdings of gold ETFs in the Chinese market to 71.95 tons by the end of September, according to the China Gold Association. In the third quarter alone, holdings of gold ETFs in China added more than 3.2 tons, figures issued by the China Gold Association showed. Wang Lixin, the World Gold Council’s managing director of China, attributed the growth to the stock market’s volatility and lower gold prices in domestic market in the third quarter. Since its debut in 2003, China’s gold ETFs and similar products have accounted for a significant part of the global gold market, with growing acceptance among both institutional and individual investors. By the end of September 2021, total global holdings of gold ETFs stood at 3,592 tons. (Xinhua) | 