BEIJING — Net inflows to gold-backed exchange-traded funds (ETFs) in China amounted to 11.04 metric tons in the first nine months of this year, industry data showed.

The figure brought total holdings of gold ETFs in the Chinese market to 71.95 tons by the end of September, according to China Gold Association (CGA).

In the third quarter alone, holdings of gold ETFs in China added over 3.2 tons.

Wang Lixin, World Gold Council's managing director of China, attributed the growth to stock market volatility and lower gold price in domestic market in the third quarter.

Since its debut in 2003, gold ETFs and similar products have accounted for a significant part of the global gold market, with growing acceptance among both institutional and individual investors.

By the end of September 2021, total global holdings of gold ETFs stood at 3,592 tons.