16 October 2023
In Q3, LBMA Gold Price AM declined by 3.7% while the Shanghai Gold Benchmark PM dropped by 2.8%. The Shanghai Gold Exchange shipped out 170t of gold in anticipation of the peak gold consumption season. The Shanghai-London gold price premium reached a record US$75/oz in September. Chinese gold ETFs assets grew for the fourth consecutive month, hitting RMB27bn by September. Meanwhile, the People’s Bank of China increased its gold reserves by 26t in September, totaling 2,192t.