Gold demand falls in India and China, but gold ETFs stay popular

Business Dec 20, 2025

Gold isn't shining as bright in India and China lately—demand for jewelry has slumped, with India's gold imports dropping a huge 73% after the festive season.
Over in China, gold imports also took a hit for the second month straight.

Investors still trust gold (just not as jewelry)

Even though fewer people are buying physical gold, investors are still putting their money into gold exchange-traded funds (ETFs).
In November alone, Indian gold ETFs saw inflows of ₹3,740 crore ($421 million), while Chinese ETFs attracted $2.2 billion.
So while shiny gifts might be out, digital gold is definitely having a moment.