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Gold May 16, 2024 08:40:25 PM

WGC: Gold Withdrawals from Shanghai Exchange Surged in April

Paul Ploumis
ScrapMonster Author
The People’s Bank of China reported eighteenth straight month of gold purchases.

WGC:  Gold Withdrawals from Shanghai Exchange Surged in April

SEATTLE (Scrap Monster): The World Gold Council (WGC) announced publication of its latest report on Chinese gold market trends.

According to the report, investment demand continued to remain strong in the country during the month of April this year. The Chinese gold-backed exchange traded funds (ETFs) recorded fifth straight month of inflow. The month saw addition of 17 tonnes to the country’s gold reserves. Both the ETF holdings as well as the total assets under management (AUM) clocked fresh record during the month.

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The People’s Bank of China reported eighteenth straight month of gold purchases. The official gold holdings swelled by 2 tonnes in April to end the month at 2,246 tonnes. The gold holdings accounted for 4.9% of the total reserves.

The Chinese gold jewellery consumption during the five-day Labour Day holiday remained muted as elevated gold prices deterred gold purchases. The investment demand started showing signs of slowdown in late-April this year. Looking ahead, the jewellery demand is predicted to remain weak due to seasonality factors and elevated gold prices.

The gold withdrawals from the Shanghai Gold Exchange (SGE) totalled 131 tonnes in April 2024. This is higher by 7 tonnes over the prior month and by 10 tonnes over the same month a year before.

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