After ending 2022 on an upward trend that continued into January, Chinese gold demand surged again in February as the economy continues to rebound from government-imposed COVID policies.
Post-covid economic rebound in China spurs gold buying.
Gold withdrawals from the Shanghai Gold Exchange totaled 169 tons in February. This is a reflection of strong wholesale demand and signals an ongoing rebound in the world’s biggest gold market. The Shanghai-London gold price premium also continued to pick up in February, reflecting strong Chinese gold demand during the month.
A recovery in the Chinese economy after government COVID restrictions strangled it helped drive the rebound in the gold market last year and into 2023. China experienced a COVID peak in December. According to the World Gold Council, Chinese economic activities revived in January.
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