The divergence is striking. Chinese gold ETFs pulled in $8.1 billion in Q1 2026 alone, the strongest quarter on record for the region. Meanwhile US gold ETFs saw over $2 billion in outflows over the same period. North America recorded its largest monthly outflow ever in March at $13 billion.
Asian investors are clearly hedging against geopolitical risk and local equity weakness. Western investors seem to be chasing the stock market rally instead. If that trade reverses, and US money starts flowing back into gold, the price could rip. For now it's an East vs.
West story.