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 Gold Tops $2,300 — Silver Reaches $27 READ MORE Oil Prices Steady Near Two-Month High on Significant U.S. Crude Drawdown READ MORE China's Gold Market: ETF Inflows Surge Despite Weak Wholesale Demand in June READ MORE UBS Warns of Potential 6.5% Fed Rate Hike Amid Enduring Inflation READ MORE China Dumps Record Amount of US Debt Amid Strategic Diversification READ MORE Add a Comment Cancel replyYour email address will not be published.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