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Gold January 16, 2025 07:55:01 PM

Chinese Gold Market Witnessed Seasonal Strength in December

Paul Ploumis
ScrapMonster Author
The collective holdings in the ETF touched record high in 2024.
Chinese Gold Market Witnessed Seasonal Strength in December

SEATTLE (Scrap Monster):  The World Gold Council (WGC) declared that its most recent report on the Chinese gold market was now available. According to the survey, the industry showed signs of seasonal strength in December 2024.

Due to a seasonal uptick in demand, the Shanghai–London gold price spread saw a considerable surge in December 2024, according to the gold trade group. Meanwhile, during the whole year 2024, gold withdrawals from the Shanghai Gold Exchange dropped below the ten-year average.

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The total assets under management (AUM) of Chinese gold ETFs reached a record high of US$9.7 billion, about 150% higher than the previous year due to the strong inflows and rising gold prices. In 2024, the ETF's total holdings reached a record high.

In December, the Chinese central bank increased its gold reserves by 10 tonnes. Gold purchases continued for the second consecutive month. The official gold holdings increased to 2,280 tonnes in 2024, up 44 tonnes from 2023 levels. Additionally, 5.5% of the nation's entire foreign exchange reserves were made up of gold.

During the Chinese New Year vacation, WGC anticipates a seasonal increase in the demand for gold jewelry. In the near future, investment purchasing will also continue to be robust.

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