Chinese Gold Market Witnessed Unseen Investment Passion

SEATTLE (Scrap Monster): The World Gold Council (WGC) released the latest edition of its China Gold Market Update report. The report indicates continuation of gold rally during the month of April this year.

In April, the Shanghai Benchmark Gold Price PM increased 6.9%, marking the fifth consecutive month of advances, according to Ray Jia, Research Head, China World Gold Council. Additionally, the LBMA Gold Price PM saw a 6% increase, marking the fourth consecutive month of gains.

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According to the data, 153 tonnes of gold were taken out by jewelers, banks, and other market players, which was a considerable increase over the previous month and the month before the year. Despite strong investor buying, the nation's bar and coin sales continued to be healthy.

In the meantime, it was the greatest month ever for Chinese gold ETFs, adding 65 tonnes. Additionally, the People's Bank of China (PBoC) increased its gold holdings by 2.2 tonnes, marking the sixth consecutive month that it has done so.

Ahead of the five-day Labor Day holiday, WGC anticipates that demand for gold jewelry will stay low. Additionally, profit booking might reduce the nation's appetite for gold investments. Nonetheless, it anticipates that demand for longer-term gold investments would continue to be strong.