Ray Jia
Research Head, China World Gold CouncilChinese gold ETFs’ AUM reached all-time high in September while physical demand remains soft
- The Shanghai Gold Benchmark price saw a modest decline in September, with the local gold premium falling sharply due to the stabilising currency and increasing gold imports.
- Led by the declining gold price and the soft physical demand, both Au(T+D) and Au9999’s trading volume dropped last month while loadouts from the Shanghai Gold Exchange (SGE) levelled off.
- After hitting the lowest level since 2017 in July, gold imports to China rebounded in August.
- The People’s Bank of China (PBoC) added another 6t to its gold reserves in September. After ten consecutive purchases, the PBoC now holds 1,948t gold in its reserves.