During the first three quarters, gold prices rallied early before pulling back, though they remained at elevated levels with heightened short-term volatility and rising market risks.

　　Trading value across domestic exchanges grew steadily. Cumulative single-sided trading volume of all gold products on the Shanghai Gold Exchange rose 6.75 percent year-on-year to 25,400 tons (50,800 tons double-sided) in the first three quarters. In the domestic exchange-traded fund (ETF) market, gold ETF holdings grew by 56.11 tons during the nine-month period, down 28.98 percent year-on-year, bringing total holdings to 303.97 tons by the end of September.

　　Meanwhile, China added 103.26 tons of gold to its official reserves in the first three quarters. By the end of September, China's gold reserves stood at 2,409.59 tons, ranking fifth globally, after logging 23 consecutive months of reserve expansion from November 2024 to September 2026.

　　zhengxin@chinadaily.com.cn