China's Gold imports in 2022 hit highest level since 2018 – WGC


Share:

According to the latest data published by the World Gold Council (WGC) on Wednesday, China's gold imports rebounded strongly in the second half of last year.

Additional takeaways

China's Gold imports increased by 64% year-on-year last year, totaling upto 1,343 mt of gold, the highest level since 2018.

China’s Gold imports reached 157 mt in December.

The total amount of gold withdrawn from the Shanghai Gold Exchange in January this year was 140 mt, down 25% from the same period last year, mainly affected by the CNY holiday.

Earlier this month, the People's Bank of China reported that it increased its holdings of gold by 970,000 ounces to 64.64 million ounces in December last year, increasing its holdings of gold for the second consecutive month.

Market reaction

Gold price is holding higher ground near $1,842 on its rebound from six-week troughs of $1,831, underpinned by a broadly weaker US Dollar and resurgent Chinese Gold demand.

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

EUR/USD holds steady near 1.0850 after EU Sentix data

EUR/USD holds steady near 1.0850 after EU Sentix data

EUR/USD trades marginally higher at around 1.0850 on Monday. The data from the Eurozone showed that Sentix Investor Confidence improved to -10.5 in March. Meanwhile, investors refrain from taking large positions ahead of ECB meeting and Powell's testimony.

EUR/USD News

GBP/USD clings to gains above 1.2650

GBP/USD clings to gains above 1.2650

GBP/USD trades in positive territory above 1.2650 in the second half of the day on Monday. Although the US Dollar (USD) struggles to find demand ahead of this week's key macroeconomic events, the cautious market stance limits the pair's upside.

GBP/USD News

Gold stabilizes near $2,080 after reaching a fresh 2024-high

Gold stabilizes near $2,080 after reaching a fresh 2024-high

Gold price fluctuates in a tight channel at around $2,080 after touching a fresh 2024-high of $2,088 earlier in the day. The benchmark 10-year US Treasury bond yield holds steady near 4.2% following Friday's decline, making it difficult for XAU/USD to gather directional momentum.

Gold News

XRP price hits new yearly high at $0.65, attorney says Ripple’s influence on XRP is decelerating

XRP price hits new yearly high at $0.65, attorney says Ripple’s influence on XRP is decelerating

XRP price climbed to a new 2024 high of $0.65 on Saturday and suffered a minor pullback to $0.63, early on Monday. The altcoin has sustained above the psychologically important level of $0.60 amidst developments in the SEC v. Ripple lawsuit.

Read more

Weekly Forecast: Powell's testimony, the ECB and a full Nonfarm Payrolls buildup promise fireworks Premium

Weekly Forecast: Powell's testimony, the ECB and a full Nonfarm Payrolls buildup promise fireworks

Fed Chair Powell testifies twice, setting the stage for the upcoming rate decision. The ECB is set to leave rates unchanged, but new forecasts may rock the boat. Top-tier US data releases culminate in the all-important Nonfarm Payrolls report.

Read more

Forex MAJORS

Cryptocurrencies

Signatures