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Chinese Gold Demand in January, 2024

Chinese gold demand remains resilient judging by the Au9999 contract.

The physical proxy on the Shanghai Gold Exchange (SGE), premium was elevated. Below we list down the key indicators and what this means for the Chinese gold demand:

Gold kicked the first half of January 2024 off to a strong start, with the metal registering a new record high yesterday at 482.67, for the SHAUPM in RMB.
Trading volume for the Au9999 contract reached a seven-year high on January 9th at 27.3t.
Manufacturers and banks withdrew 132t from the SGE during December, a MoM increase of 33t.
1,827t have been withdrawn from the SGE in 2023, up 7.35% YoY.
The local gold premium remains elevated, with the 5-day rolling average at $42.8 over LBMA (exhibit 4), suggesting that gold supply remains tight.
Shanghai gold premium for January up 198% YoY (see the image below).
We have been noticing the movement in Chinese gold demand through the restocking activities ahead of Chinese New Year holiday.