Ray Jia
Head of Research (Asia Pacific, ex-India) and Deputy Head of Trade Engagement (China) World Gold CouncilShanghai Gold Benchmark price hit record high in June
Summary
- Shanghai Gold Benchmark price hit 319.2 yuan/gram – highest level since its introduction in April 2016
- Au(T+D)’s trading volume in June reached second highest level on record – 2,062t
- The local gold premium rose sharply
- Imports continued to slide in May, dropping to 69t
- Gold withdrawals from Shanghai Gold Exchange (SGE) fell again last month
- PBOC added a further 10t to its reserves in June
Alistair Hewitt
Former Head of Market Intelligence World Gold CouncilComing soon: monthly blog posts on India and China
We will soon be launching two regular blog posts– monthly updates on India and China by Mukesh and Ray, our analysts in Mumbai and Shanghai. These monthly posts will provide a snapshot of the health of these two global heavyweights, which together account for around half of annual global consumer demand.
Adam Perlaky
Former Senior Analyst, Americas World Gold CouncilGold rose over 4% last week, its largest move in over 3 years
Gold had its largest weekly move to the upside since April 2016 (LBMA 3.4%, XAU 4.3%) continuing its move higher for a fifth straight week–this was likely driven by the US dollar falling sharply (-1.4%) and the price of gold breaking out of the key technical resistance level of $1,365 (discussed in depth on Friday).
Adam Perlaky
Former Senior Analyst, Americas World Gold CouncilGold OTC trading volume is 50% higher this month
With the recent rally, Gold trading volumes have increased significantly in June ($151bn vs ytd average of $115bn), particularly in the LMBA OTC market, which has seen averages increase 50% this month.
