Gold-backed ETF holdings rise in Q1

Holdings of gold-backed exchange-traded funds rose by 11.5 metric tons during the first three months of the year, data from the China Gold Association showed.

China's total holdings of gold ETFs hit a record high of 72.4 tons by the end of March, the CGA said, adding that the increase was achieved despite falling yellow metal prices.

According to the World Gold Council, an industry body, total assets under the management of gold ETFs stood at 25.9 billion yuan ($4 billion) in China by the end of March, the second highest since the agency started compiling data.