Chinese and North American gold investors have taken completely opposite paths in response to the Iran war.

In March, North American gold ETF holdings decreased by about 2 million ounces, reaching the lowest point of the year; at the same time, Chinese gold ETF holdings increased by about 500k ounces, with total holdings approaching 10 million ounces, near the year's high.
Since the beginning of the year, Chinese ETF holdings have increased by nearly 2 million ounces, while North American holdings have decreased by about 1 million ounces — all of the early-year gains were wiped out by March's outflows.