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China’s gold market in May: a demand recovery may be near
Key highlights:
- The Shanghai Gold Price Benchmark PM (SHAUPM) in RMB and the LBMA Gold Price AM in USD both declined. Meanwhile, the Shanghai-London gold price spread turned positive as local gold demand started to recover1
- At the end of May, Chinese gold ETF holdings totalled 56.7t (US$3.4bn, RMB22.7bn), representing a 1.8t (US$143mn, RMB0.8bn) outflow during the month2
- Driven by falling COVID cases and the industry expectation of improved consumption, gold withdrawals from the Shanghai Gold Exchange (SGE) rebounded m-o-m.
FULL WORLD GOLD COUNCIL REPORT IN THE LINK BELOW
https://www.gold.org/goldhub/gold-focus/2022/06/chinas-gold-market-may-demand-recovery-may-be-near