Loading prices...

Register/Sign in
ScrapMonster
Gold October 17, 2022 07:00:15 PM

Chinese Gold Price Premium Hit Highest Levels in Six Years

Paul Ploumis
ScrapMonster Author
The spread between gold prices in London and Shanghai has increased significantly during the month.

Chinese Gold Price Premium Hit Highest Levels in Six Years

SEATTLE (Scrap Monster): According to the latest market report published by the World Gold Council, the local gold premiums in China surged to hit the highest monthly levels in six years during the month of September this year. The premiums hit the highest level since December 2016, mainly driven by boosted local demand for gold in the country.

RELATED NEWS:

WGC: Global Gold ETF Outflows Hit Peak in September

WGC Highlights Gold's Resilience Despite Multiple Obstacles

The spread between gold prices in London and Shanghai has increased significantly during the month. The net domestic supply of gold has been a major contributing factor for increased spreads. The domestic supply of gold in China has been insufficient to meet the robust demand. Also, restrictions on imports of gold into the country has sent local gold prices higher when compared with international prices.

The wholesale gold demand in the country totalled 180 tonnes in September this year. The demand surged higher by 8% over the previous month, registering fifth straight month-on-month surge.

Looking forward, the gold sales are expected to remain robust through the final quarter of the year, despite expected disruptions in local gold market due to Covid-resurgences. The premium will be hit badly by mean reversion and demand uncertainties. However, boosted demand situation may lend some support to spread, WGC report said.

How to Recycle

How to Dispose of Lithium Batteries

How to Dispose of Lithium Batteries

Proper care should be taken regarding the battery disposal. Read this post to get an idea on how to dispose of lithium batteries.
How to Dispose of a Couch

How to Dispose of a Couch

In this article, we will discuss some straightforward methods on how to dispose of a couch safely. Let’s check out the different options.
How to Dispose Of Concrete

How to Dispose Of Concrete

Learn the right methods to dispose of concrete, minimize environmental impact and promote sustainability through recycling centers or other options.
powered by RecyclingMonster
×

Quick Search

Advanced Search