- The Shanghai Gold Benchmark price saw a modest decline in September, with the local gold premium falling sharply due to the stabilising currency and increasing gold imports.
- Led by the declining gold price and the soft physical demand, both Au(T+D) and Au9999’s trading volume dropped last month while loadouts from the Shanghai Gold Exchange (SGE) levelled off.
- After hitting the lowest level since 2017 in July, gold imports to China rebounded in August.
- The People’s Bank of China (PBoC) added another 6t to its gold reserves in September. After ten consecutive purchases, the PBoC now holds 1,948t gold in its reserves.
World Gold Council
Ray joined the World Gold Council in early 2019, and works within the Market Intelligence Group as the China region research manager. He previous held position with China Industrial Futures Ltd, focusing on the market analysis for major commodities classes and international macros for both individual and institutional investors.
Ray has a Bachelor’s degree in Corporate Finance from the Adelaide University in Australia, and a Master degree of Investment from Pace University in US.