Latest news with #ShanghaiGoldExchange
Yahoo
01-08-2025
- Business
- Yahoo
Gold demand in key Asian hubs improves amid price correction
By Rajendra Jadhav and Anmol Choubey (Reuters) -Physical gold demand in key Asian markets improved slightly this week as a pullback in prices sparked buying interest, though volatility kept some buyers cautious. Spot gold hit its lowest level in a month on Wednesday and was headed for third consecutive weekly loss. [GOL/] "This week, footfall was better than last week. Buyers were inquiring about price trends and making small purchases," said a Pune-based jeweller. Domestic gold prices were trading around 97,700 rupees per 10 grams on Friday after rising to 100,555 rupees last week. Discounts offered by Indian dealers narrowed to as much as $7 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, compared to up to $15 last week. Jewellers were keen to make purchases to replenish inventory after a correction in overseas prices, but a significant drop in the rupee offset the impact of the price fall to an extent, said a Mumbai-based bullion dealer with a private bank. India's gold consumption in 2025 is set to fall to a five-year low, as record-high prices are denting jewellery purchases, the World Gold Council said on Thursday. In China, dealers quoted gold in a wide range, between a discount of $4.2 and a premium of $12 per ounce above international rates. "China appears to slightly buy the dip in gold... trading volume for the physical proxy contract AU9999 on the Shanghai Gold Exchange has been on the rise (11 tons traded yesterday), reflecting a renewed interest in the metal," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong gold was sold at par to a $1.50 premium, while Singapore prices ranged from par to a $1.40 premium. In Japan, bullion was sold at par to a premium of $0.60. "There was lots of demand to buy if the price dropped even slightly. Regardless of the Japan-U.S. trade deal, gold is being purchased as an asset class amid low interest rates," a Japan-based trader said. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
News18
21-07-2025
- Business
- News18
Gold Price Prediction: China Sells 90 Tonnes Of Gold—Will Prices Drop In The Coming Days?
1/9 A new wave of speculation has hit the gold market, sparking curiosity about future price trends. Recent fluctuations and international developments have significantly impacted the market. China, a major player in gold purchases, experienced a slowdown in June 2025. However, the country achieved record gold investments in the first six months of the year. The World Gold Council recently highlighted this development, revealing that China's largest investments were in ETFs. In the first half of 2025, China invested Rs 64,000 crore (US$8.8 billion) in gold ETFs, marking a historic record for half-year investments. In contrast, wholesale demand for gold jewellery dropped by 10 percent in June due to soaring gold prices, discouraging consumers from making new purchases. In June, 90 tonnes of gold were sold, marking a significant withdrawal from the Shanghai Gold Exchange (SGE). This figure is notably below the 10-year average, with total withdrawals in the first half of the year reaching 678 tonnes, an 18% decline from the previous year. Gold prices surged by 23% in US dollars and 21% in Chinese yuan (RMB) during the first half, the fastest growth rate since 2016. China's central bank People's Bank of China purchased gold for the eighth consecutive month, adding 19 tonnes in the first half of the year. China's gold reserves now stand at 2,299 tonnes. Although gold futures trading slowed slightly in June, the average daily volume in the first half of the year was 534 tonnes, the highest on record. China imported 89 tonnes of gold in May 2025, a 21 percent decrease from April and a 31 percent drop from May last year. This decline is primarily due to reduced demand for jewellery. Gold in China has transitioned from a mere jewellery item to a strategic investment vehicle. As consumer interest in jewellery wanes, record investments are being made in alternatives such as ETFs, bars, and coins. Central bank purchases continue to bolster gold's status as a strong investment option. The surge in gold purchases by Chinese investors is boosting global demand, directly influencing gold prices in India. This could lead to higher gold prices domestically, potentially reducing gold sales during weddings and festivals and impacting jewellers and small traders. According to the World Gold Council, a rising US dollar and Treasury yields are expected to negatively impact gold prices. In the medium term, gold prices may decline due to central bank purchases and reduced retail investment demand.
See - Sada Elbalad
17-07-2025
- Business
- See - Sada Elbalad
Despite Weak June Performance, China Ends First Half of 2025 with Strongest Gold Price Rally in Nine Years
Waleed Farouk According to a report by Ray Jia, Head of Research, China at the World Gold Council, China concluded the first half of 2025 with its strongest gold price performance in nine years. This was supported by robust investment demand and sustained central bank purchases, despite ongoing weakness in consumer and jewelry demand. Record Price Performance in H1 2025 The LBMA Gold Price PM in U.S. dollars rose by 23%, while the Shanghai Gold Benchmark Price (SHAUPM) in Chinese yuan climbed 21%, marking the best semi-annual performance since 2016. This strength was driven by a weaker U.S. dollar, escalating geopolitical risks, and continued central bank buying—factors highlighted by the World Gold Council's proprietary return attribution model. Persistent Weakness in Physical Demand Withdrawals from the Shanghai Gold Exchange (SGE) dropped 10% month-over-month in June to 90 tonnes. Total H1 withdrawals stood at 678 tonnes, down 18% year-over-year and 22% below the 10-year average. Elevated gold prices, declining consumer confidence, and ongoing restructuring of the jewelry sector weighed heavily on demand for gold products. Retailers remained cautious with inventory restocking due to high price levels. Even bar and coin investment saw a slowdown in June amid limited gold price fluctuations. Record Inflows into Gold ETFs Chinese gold-backed ETFs recorded positive inflows of CNY 1 billion (USD 137 million) in June. The funds attracted CNY 64 billion (USD 8.8 billion) in H1 2025—the highest on record. Total assets under management (AUM) rose to CNY 153 billion (USD 21 billion). Combined gold holdings surged 74% to reach 200 tonnes. Record Futures Market Activity Though SHFE gold futures trading volume dropped 39% in June to 380 tonnes per day, the H1 daily average reached 534 tonnes, an all-time high. High prices, market volatility, and geopolitical uncertainty drove investor activity in futures contracts. PBOC Continues Gold Buying The People's Bank of China (PBoC) added 2 tonnes of gold in June, marking its eighth consecutive month of purchases. Total H1 purchases reached 19 tonnes, bringing official reserves to 2,299 tonnes. The share of gold in total foreign reserves rose from 5.5% in December 2024 to 6.7% by June 2025. Imports Decline Chinese customs data showed net gold imports fell to 89 tonnes in May, down 21% month-over-month and 31% year-over-year. The decline reflects subdued physical demand and reduced withdrawals from the SGE during the same month. Outlook Consumer confidence and the restructuring of China's jewelry industry will likely continue to drag down physical gold demand in H2 2025. However, I believe investment demand for gold will remain strong, driven by global volatility, monetary policy shifts, and fluctuations in alternative asset performance. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Sports Get to Know 2025 WWE Evolution Results
Reuters
27-06-2025
- Business
- Reuters
China's total gold imports via Hong Kong fall 1.5% m/m in May
June 27 (Reuters) - China's total gold imports via Hong Kong fell 1.5% in May from April, Hong Kong Census and Statistics Department data showed on Friday. As the world's leading gold consumer, China's purchasing activities can significantly influence global gold markets. The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing. Net imports via Hong Kong to China for May stood at 48.127 metric tons, compared to 43.462 tons net imports in April. China's total gold imports via Hong Kong reached 57.76 tons in May, down 1.5% from 58.61 tons in April. China aims to increase its gold resources by 5% to 10%, and its gold and silver output by more than 5% by 2027, the industry ministry said on Monday in an implementation plan for 2025 to 2027. Shanghai Gold Exchange said on Wednesday it would list ipau99.99hk and ipau99.5hk contracts on Thursday to expand the opening-up of the gold market to the outside world.
South China Morning Post
26-06-2025
- Business
- South China Morning Post
Shanghai Gold Exchange launches first offshore vault in Hong Kong
The Shanghai Gold Exchange opened its first offshore warehouse in Hong Kong on Thursday, a move that is likely to bolster the international trading of its contracts. The vault witnessed several transactions of spot gold contracts after it became operational, according to a statement from Bank of China (Hong Kong), which runs the warehouse. Analysts said the launch of the vault and two yuan-denominated gold products represented a step forward for Beijing and Hong Kong in their effort to promote commodities and futures contracts around the world. 'Gold, as a basic precious metal, is, in essence, a commodity, a reserve asset and an investment product,' Christopher Hui Ching-yu, Hong Kong's secretary for financial services and the treasury , said at the opening ceremony for the vault. 'It is also a hedging tool amid uncertain geopolitical and economic outlooks.' He added that the vault and gold contracts would help Hong Kong solidify itself as an international financial centre. The vault was designed to serve international clients as they conducted trading of yuan-denominated bullion and managed their storage. The Shanghai exchange was established by the People's Bank of China in 2002; it has two warehouses in Shanghai and another in Shenzhen.
