WGC China Gold Market: Local Premiums Surged in September

The Chinese gold exchange traded funds (ETFs) recorded an inflow of 4.2 tonnes during the month.

SEATTLE (Scrap Monster): The World Gold Council (WGC) published its Chinese gold market report for the month of September this year.

The Shanghai-London gold price premium hit a new record during the preious month. The premiums averaged at US$75/oz, mainly due to tight net gold supplies. However, the premium has pulled back during the first trading week of the current month, noted Ray Jia, Senior Analyst, China World Gold Council.

ALSO READ:

World Gold Council Highlights Impacts of Geopolitics on Gold

Central Banks Added Gold to Global Reserves in August

According to the report, a total of 170 tonnes of gold was shipped out of the Shanghai Gold Exchange (SGE) in September, higher from the previous month by 9 tonnes. The outflows came amidst restocking ahead of the traditional peak season. The withdrawals totalled 446 tonnes in the third quarter of the year.

The Chinese gold exchange traded funds (ETFs) recorded an inflow of 4.2 tonnes during the month. The ETFs have now added to its holdings for four consecutive months. The inflows totalled 9.5 tonnes in Q3 this year, WGC noted. Also, the Chinese central bank added 26 tonnes of gold to its reserves in September. The gold reserves were up by 78 tonnes in Q3 2023.

The eight-day Golden Week Holiday reported weakness in gold demand, partly due to elevated gold prices.

• Crews Battle Semi-Truck Fire at Neblock Scrap Metal Recycling in Rockford
• Flexible Film Recycling Alliance Launches Plastic Film Recycling Directory
• Waste Pro Projecting Record Year for Safety Awards in 2025 of $1.85 Million
• USA Waste & Recycling Spends $14.5M on Property for Expansion/Evolution