Latest news with #ShanghaiGoldExchange
India.com
11-06-2025
- Business
- India.com
One move by China and US will come on its knees..., gold price will jump to as high as..., know what is Beijing's plan?
(File) China Gold Reserves: China, the world's largest producer of gold, is rapidly procuring enormous quantities of the precious yellow metal to counter the threat posed by the import tariffs imposed by US President Donald Trump which sparked a trade war between two countries. The China-US trade war has had an alarming impact on gold and silver prices that reached record levels, amid rising geo-political tensions and market uncertainties. While the prices of gold are silver are increasing at a steady pace, some experts have claims that these may tumble by 10-15% in the next few months, which could bring gold prices down to Rs 85,000 per 10 grams. China aims to increase gold demand However, Alok Jain, the founder of WeekendInvesting believes a seismic shift is coming in the global monetary system, in which gold will become the most sought after economic asset by countries and individuals. Taking to X, Jain said that China has realized this, and is encouraging its citizens to hoard as much gold as they can. According to Jain, China is planning to increase the demand for gold, expand the gold trade, and establish gold standard as the dominant currency in global trade by starting the Shanghai Gold Exchange in China and Middle East. 'They (Chinese) have realised that the coming era belongs to gold,' Jain wrote. Beijing's plan to dethrone US dollar As per experts, China has employed a long-term strategy to reduce its dependence on the US dollar in global trade by replacing it with the Chinese RMB (Yuan) and gold in bilateral transactions. Earlier, in March 2025, China Banking and Insurance Regulatory Commission (CBIRC), introduced a new rule that mandates insurance firms to invest at least 1% of their assets of 32 trillion Yuan (more than $4.5 trillion) in gold. This move is expected to infuse billions of dollars in China's gold market. Additionally, Beijing has established the Shanghai Futures Exchange (SHFE) where insurance companies can buy gold directly. This is the first time when the SHFE is offering to sell the gold directly to insurance firms. Notably, since the beginning of 2024, the Central Bank of China has been encouraging Chinese citizens to buy more gold, due to which gold consumption in China surged by almost 34% in a single year. China gold reserves While China is the world's largest producer of gold, it lags behind several nations in gold reserves, a list which is headed by the US, with 8,133.46 tonnes in reserves in 2024. Germany has second largest gold reserves at 3,351.53 tonnes, followed by Italy (2451.84 tonnes), France (2436.97 tonnes), Russia (2335.85 tonnes). China ranks sixth on the list of countries with the largest gold reserves, with 2264.32 tonnes of gold lying in reserve. Experts believe China aims to increase its gold reserves to 5,000 tonnes in the near future.
See - Sada Elbalad
09-06-2025
- Business
- See - Sada Elbalad
China Adds Gold to Reserves for Seventh Month in May
Waleed Farouk The People's Bank of China (PBoC) announced a fresh addition to its gold reserves in May, marking the seventh consecutive month of expansion. According to Krishan Gopaul, senior analyst at the World Gold Council for EMEA, China added approximately 2 metric tons during the month, pushing total net purchases for 2024 to 17 tons and lifting overall holdings to 2,296 tons. Despite the increase in physical reserves, the value of China's gold holdings dipped to $241.99 billion by the end of May, compared to $243.59 billion in April. The decline comes after gold prices hit a record high above $3,500 per ounce in April, temporarily boosting the reserve's valuation. Last year, the PBoC paused gold acquisitions for six months following an 18-month buying spree. It resumed purchases in November, shortly after Donald Trump's win in the U.S. presidential election. China Opens Gold Futures to Foreign Investors In a strategic move to deepen its role in global gold markets, the Shanghai Futures Exchange unveiled a plan on May 27 to allow direct access for foreign investors and brokers. The initiative outlines 34 proposals covering derivatives trading in gold and silver, hedging, and precious metals futures. Key reforms include permitting foreign participants to trade without local intermediaries and to post margin in major foreign currencies like the U.S. dollar. Public feedback on the proposals is open until June 4. This opening aligns with China's broader strategy to internationalize the renminbi and boost its influence in commodity pricing. On April 21, a coalition of four Chinese government entities, including the central bank, launched a plan to globalize the Shanghai Gold Exchange. The initiative includes establishing offshore delivery warehouses, aiming to rival the London Metal Exchange in price-setting. While specific products under the global expansion remain unspecified, the Shanghai Gold Exchange primarily focuses on gold, silver, and platinum trading. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Business Recorder
30-05-2025
- Business
- Business Recorder
Asia gold: India gold demand lags as prices rise, wedding buying cools
Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. 'The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases,' said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. 'Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now,' said Ross Norman, an independent analyst. Gold falls as dollar strengthens ahead of key US inflation data China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. 'Gold bullish bets remain predominant on the SHFE despite lower trading volume,' said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50.
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Business Standard
30-05-2025
- Business
- Business Standard
India's gold demand lags as wedding season ends, high prices deter buyers
Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around Rs 94,900 per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50.
Mint
30-05-2025
- Business
- Mint
India gold demand lags as prices rise, wedding buying cools
By Rajendra Jadhav and Anmol Choubey (Reuters) - Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50. (Reporting by Anmol Choubey in Bengaluru and Rajendra Jadhav in Mumbai; additional reporting by Brijesh Patel; Editing by Eileen Soreng)
