Shanghai gold withdrawals at record on signs of more demand


From Bloomberg News
Wednesday, September 30, 3015

Investors have withdrawn a record amount of gold from the Shanghai Gold Exchange this year, adding to signs that demand in China is recovering after a stock market rout and a shock devaluation of the yuan.

Withdrawals jumped 37 percent to 1,891.9 metric tons through Sept. 18 from 1,380.9 tons a year earlier, according to data on the bourse website. Trading increased 150 percent in the first eight months, said Liu Liang, a spokesman for the exchange, the world’s largest spot bullion market.

Global gold prices have slumped about 40 percent from a record in 2011 to the lowest levels in more than five years, spurring an increase in demand from China to India, the world's top consumers. Purchases in India may jump as much as 15 percent in the final quarter to the highest since 2012. China's net imports from Hong Kong more than doubled in August from a year earlier and Swiss exports to mainland China rose 49 percent from the previous month. ...

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