The volume of gold movement in China, represented by the withdrawal of this metal from the Shanghai Gold Exchange (Shanghai Gold Exchange, SGE), reached record values ​​in the first quarter of this year.
The level of gold withdrawal from SGE remains extremely high despite expectations of its decline after the celebration of the Chinese New Year. Three weeks after the end of the festivities, the gold withdrawal from the exchange reached a record value of 149 tons. Thus, reports of falling demand for gold in China were not justified.
The latest figures released by SGE indicate the withdrawal of 53 tons of yellow metal from the stock exchange during the week that ended on March 20, after a result of 51 tons a week earlier and 45 tons a week before March 6. The total volume of gold movement was 561 tons by March 20, 2015.
It is reported that the withdrawal of gold from SGE is rising from week to week, although experts expected the fall of this indicator after the end of the season of holiday sales. If the level of gold movement continues at the current level, then the total figure for the first quarter of this year will be 620-630 tons, and this will be a new record of the volume of gold in China in the first quarter. On an annual basis, growth will be about 10% compared to last year's value of 564 tons in the first quarter of the year.