BREAKING: Chinese gold ETFs added +11 tonnes of gold in August, marking their 2nd consecutive monthly increase. This brings their total gold holdings up to 293 tonnes, the highest level since April and the 3rd-highest reading on record. This comes as investor demand surged, following a partial recovery in Chinese gold prices from their March-June declines, while Chinese government bond yields continued to fall. Year-to-date, Chinese gold ETFs have acquired +45 tonnes of gold, on track for their 2nd-largest annual inflow on record. Meanwhile, data suggests Chinese investors continued accumulating gold ETFs in early September, as falling bond yields and weak domestic equity markets supported demand for gold. China’s appetite for gold is surging.