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China’s gold market in February: demand steady, gold reserves higher

Key highlights:

The Shanghai Gold Benchmark PM (SHAUPM) in RMB stayed virtually unchanged in February while the LBMA Gold Price AM in USD saw a mild fall of 0.3%. Both RMB and USD gold prices gained momentum in early March, however, refreshing their record highs.

Last month saw 127t gold leave the Shanghai Gold Exchange (SGE), above the ten-year February average (118t)

The local gold price premium remained elevated, supported by robust gold consumption and possible declines in supply due to a shorter working month

Chinese gold exchange traded funds (ETFs) saw their third consecutive monthly inflow, adding RMB778mn (+US$109mn) and pushing their total assets under management (AUM) to another record high of RMB31bn (US$4.3bn)

Official gold reserves in China have now risen for 16 consecutive months; the addition of 12t in February pushed their total to 2,257t – 4.3% of the country’s foreign exchange reserves.
Looking ahead:

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