Chinese investors are returning to gold in a big way.
Open interest in gold futures on the Shanghai Futures Exchange has jumped to nearly 400,000 contracts, the highest level since September 2025.
Open interest shows how many futures contracts remain active in the market. When it rises this quickly, it usually means traders are not simply closing existing positions — new positions are being added.
What I find even more interesting is the speed of the move. It was reportedly one of the five largest two-day increases in SHFE gold open interest over the past five years.
China is one of the most important gold markets in the world. And when speculative activity starts rising this quickly, it is worth paying attention.
The Chinese gold trade is heating up again. Now I’ll be watching to see whether this interest starts spilling more strongly into the physical market.
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