China Gold ETFs See Record Outflows as Metals Slump Shakes Faith

China’s major gold-backed exchange-traded funds recorded their biggest ever daily outflows – nearly $1 billion combined – with investor confidence rattled by the metal’s abrupt pullback from an all-time high.

Mainland China’s four largest bullion-backed ETFs saw total net outflows of about 6.8 billion yuan ($980 million) on Tuesday, according to data compiled by Bloomberg. That marked a second straight day of declines for the Huaan Yifu, Bosera, E Fund and Guotai ETFs, just days after they notched record inflows last week.