On June 19th, according to data from the World Gold Council, in May, the inflow of gold ETFs in the Chinese market was about 1.8 billion yuan, marking positive demand for the sixth consecutive month. The total assets under management of gold ETFs in the Chinese market reached 48 billion yuan in May, hitting a new historical high. It is reported that after 18 consecutive months of increasing gold holdings, the Chinese central bank did not announce any gold purchases this month for the first time. As of the end of May, China's official gold reserves remained at 2,246 tons, accounting for 4.93% of the country's total reserves, marking a historical high. Looking ahead, the World Gold Council believes that high gold prices may suppress consumption and further stimulate the consumption of lighter gold jewelry. In the short term, investment demand for gold may be negatively affected by the recent pullback in gold prices, leading hesitant investors to adopt a wait-and-see attitude. In the long term, the escalation of geopolitical risks and the fact that gold performs well as a non-yuan and global asset will continue to attract investors.