- The Shanghai Gold Benchmark price fell slightly in October as the appreciating USDCNY offset the rise in US dollar-denominated gold price. This pushed the local gold price to a discount, the first in 12 months
- Impacted by the weak performances of CNY-denominated gold prices, speculative demand dropped further. Trading volume of Au9999 continued its decline during the month on weaker physical gold demand
- During the first ten months of 2019, China’s gold imports dropped by 41% y-o-y
- Three new gold-backed ETFs were approved in October, raising the total number of gold-backed ETF products in China to seven
- The People’s Bank of China (PBoC) didn’t purchase any gold in October, leaving its gold reserves at 1,948t.
Goldhub blog: Posts from November 2019
I have just come back from a short trip to India, presenting at the Gems and Jewellery Export Promotion Council’s third India Gold and Jewellery Summit in Delhi, as well as sneaking in some field research and presenting the investment case for gold to some wealth managers in Mumbai with my colleague, Mukesh.
The Beijing International Jewellery Fair kicked off on 14th November, attracting thousands of exhibitors from over 20 different countries and regions. On the coldest day so far this year in Beijing, exhibitors shared the hottest trends in the gold jewellery industry.
The UAE is an important jewellery market in the Middle East: its ten-year average jewellery demand in 2018 at 54.7t, only was second to Saudi Arabia. However, conditions in the UAE have been tough for gold in recent years.
#Gold ETFs have seen net redemptions so far this month, totalling about 43t so far this month with European outflows seeing more selling than North American list funds. This contrasts with what we’ve seen over the past few months. https://t.co/LcUzpeQxUM
Watch today’s Gold Demand Trends webinar where we discussed the key shifts in gold demand during Q3 2019 as the price reached a six-year high.