- The Shanghai Gold Benchmark PM (SHAUPM) in renminbi (RMB) continued to rise in March – albeit marginally – while the LBMA Gold Price AM in USD saw a gentle decline1
- China’s economy showed signs of a potential recovery last month as the COVID-19 outbreak seemed to be effectively contained2
- Gold’s investment demand in China kept elevating, sending Au(T+D)’s trading volumes in March to another all-time high and adding another 4.6t in Chinese gold-backed ETFs’ holdings
- Au9999’s trading volumes – usually seen as a proxy for physical gold demand in general – and gold withdrawals from Shanghai Gold Exchange (SGE) both saw notable rebounds in March as most Chinese companies resumed operations3
- In March, significantly higher gold demand and disruptions in gold-supply chains worldwide due to intensified coronavirus outbreak, combined still soft Chinese consumer demand, resulted in the widest local RMB gold price’s discount in history4
- The People’s Bank of China (PBoC) kept its gold reserves unchanged at 1,948t in March, accounting for 3.3% of total reserves.