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 Morgan Stanley Warns: Digital Currencies May Challenge US Dollar's Reign READ MORE De-Dollarization Accelerates as 20 Nations Sign On to Russian Financial System READ MORE Cash's Comeback: Investors and Corporates Bet Big Despite Rate Cut Delays READ MORE Why You Should Pay Off Your Credit Card ASAP READ MORE Fed officials see three rate cuts ‘reasonable’ this year READ MORE Add a Comment Cancel replyYour email address will not be published.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