Chinese household appetite for gold has grown over the past two months as prices soften and onshore equities lose their shine, with bullion testing $4,000 an ounce. Volumes on the Shanghai Gold Exchange's Au99.99 contract jumped to 43 million lots last week (around 430 tons), the highest since April; because the contract requires full payment and mandatory delivery, it reflects physical demand. Jinrui Futures analyst Zijie Wu said domestic demand is strengthening as prices fall and that lower prices offer attractive levels for long-term investors. Purchases through gold accumulation plans in the first nine months have already surpassed the 2025 full-year total. Gross central bank figures show lenders sold 2,187 tons of gold to consumers in 2025, more than three times the prior year, though this does not net out gold later sold back to institutions.
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Related tickers and likely impact
XAU/USD
▲ Likely positiveRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/26/2026 | 4,017.27 |
| Change that session | +0.54% |
PAXG/USDT
▲ Likely positivePAX Gold
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.8B |
| Close on 10/26/2026 | 4,017.66 |
| Change that session | +0.17% |
XAUT/USDT
▲ Likely positiveTether Gold
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.2B |
| Close on 10/26/2026 | 4,007.41 |
| Change that session | +0.19% |
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