In March, China's gold market witnessed diverse trends: official reserves increased, while wholesale demand slightly decreased. The Shanghai Gold Benchmark PM price surged by 10%, significantly outperforming other local asset classes. Although there was a mild drop in gold leaving the Shanghai Gold Exchange due to high prices, the first quarter saw the highest wholesale gold demand since 2019. The premium on China’s gold prices declined in March, indicating softer local demand; however, the quarter overall experienced the highest Q1 premium on record, driven by strong physical demand in earlier months.
Posted: 2024-04-16 16:29:53.000000