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According to Mineweb, withdrawls from the Shanghai Gold Exchange (SGE) have stayed high despite the end of Chinese New Year celebrations. Demand from India has also risen, according to the publication.
According to Mineweb, withdrawls from the Shanghai Gold Exchange (SGE) have stayed high despite the end of Chinese New Year celebrations. Demand from India has also risen, according to the publication.
As quoted in the article:
In the three weeks of trading since the holiday’s end, withdrawals from the exchange have totalled 149 tonnes which would seem to belie other reports that demand is slipping.
The latest figure from the SGE is for the movement of 53 tonnes out of the Exchange during week 11 (ended March 20), following 51 tonnes a week earlier and 45 tonnes in week 9. Total to March 20 is thus already 561 tonnes. So withdrawals from the SGE appear to be rising week on week at a time when they would normally expect to be falling back after the holiday buying spree has ended. Should the gold flows out of the exchange continue at this kind of rate, then the Q1 total figure will be of the order of 620-630 tonnes – comfortably a new Q1 record.
