World Gold Council: China's Gold Market Booms in 2023 China’s gold market witnessed a notable surge in 2023 despite the country’s economic recovery facing challenges and consumer spending remaining cautious. The Shanghai Gold Benchmark Price PM saw a significant 17% increase. Gold withdrawals from the Shanghai Gold Exchange rose to 1,687 tons, a 7% year-over-year increase. Impressively, Chinese gold ETFs attracted an additional RMB 5 billion (around US$654 million), pushing their total assets under management to a record RMB 29 billion (US$4 billion), with holdings increasing by 10 tons to 62 tons. The People’s Bank of China (PBoC) consistently purchased gold throughout the year, increasing their reserves by 225 tons to a total of 2,235 tons. This robust demand, coupled with stable production and a drop in imports late in the year, led to unprecedented local gold price premiums. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Inflation, Growth, and Labor Data Heat Up, But Wall Street Stays Skeptical READ MORE China Unleashes Bold Measures to Rescue Property Market Crisis READ MORE Global Creditors Deeply Concerned with Debt Relief Ratings READ MORE BullionStar Perspectives – Rick Rule – Wisdom and Insights from Legendary Mining Investor READ MORE Goldman Sachs: Rising Unemployment Not a Recession Signal READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment