Gold demand in Asia remains exceptionally strong.
Asian gold ETF holdings have more than doubled over the past year, surpassing 500 tonnes for the first time this century, with China driving much of the surge. By contrast, gold ETF holdings in North America and Europe have remained broadly stable. What is changing is investor demand. Asian investors, particularly in China, are accumulating gold at an accelerating pace.
What makes this move particularly important is its scale and speed: Asian ETF holdings are not merely recovering—they are breaking decisively above their previous historical range. This suggests a structural reallocation toward gold, increasingly driven by private investors alongside already-strong central-bank demand.
The acceleration of Asian demand adds another structural pillar to the gold bull market. If Chinese and broader Asian allocations continue converging toward Western levels while Western ETF holdings merely remain stable, the resulting incremental demand could materially tighten the physical market. We therefore remain strategically bullish on gold and would view meaningful price corrections as accumulation opportunities rather than a reversal of the long-term trend.
