Chinese gold market DEMAND INCREASES BY 11%. Even more STRENGTH MOVING FORWARD expected!
Chinese gold market DEMAND INCREASES BY 11%. Even more STRENGTH MOVING FORWARD expected!
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The World Gold Council released a report Tuesday showing a rebound of demand across Chinese gold markets in September as the country prepared for its early October National Day Holiday.
Ray Jia, head of research, China, at World Gold Council, said he doesn’t expect demand to drop soon.
“As Q4 arrives — the peak seasons for gold consumption — we expect gold demand to improve,” Jia wrote. “And as the government’s aggressive stimulus package gradually unfolds and the potential of further fiscal support lies ahead, we believe an uplift in consumer confidence and disposable income should help support gold jewelry consumption.”
Increased demand, but room to grow
Chinese nationals withdrew 118 tonnes of gold from the Shanghai Gold Exchange in September, a notable 11% month-over-month rebound. However, total withdrawals remain 18% below the 10-year average, meaning there could be room for more gold consumption.
On the paper side of the yellow metal, Jia reported Chinese gold ETF flows went positive in September, pushing assets under management to about $7.8 billion, or 91 tonnes.
China leads the world in gold ETF inflows.
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