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:
Read full article: Gold.org
