Gold ETFs in China have seen inflows for 14 consecutive days—the longest such streak since the one that ended in March.

Prior to that, there were two full months of almost daily outflows, with some days seeing more than 2 billion yuan leave the funds.

It is this turnaround that matters.

Local investors have returned to gold after selling at the highs, and the recent inflow spike—nearing 2.4 billion yuan in a single day—was concentrated within just a few sessions.

Chinese retail flows into gold tend to be reactive rather than anticipatory.

They serve more as a gauge of distrust regarding domestic assets than as a directional signal for the metal itself.