GLD, which briefly spent time as the world’s largest ETF when gold hit its nominal record high in 2011, and rival gold ETFs are contending with slack demand in some key markets. Chinese demand plummeted 52% to 192.5 metric tons in the three months through June year-over-year, Bloomberg reports.

Indian demand is expected to falter by as much as 13% to 850 metric tons this year, the lowest level since 2009, due to the country’s tariff on bullion imports implemented last year as a means of cutting a widening current-account deficit. [Gold ETFs Deal With Slack Demand]

SPDR Gold Shares

Tom Lydon’s clients own shares of GLD.