The Shanghai Gold Exchange (SGE) withdrawals of 192.250 tons of gold in March were up 4.9% from withdrawals of 183.23 tons in March 2016 and up 7.3% from February 2017 withdrawals of 179.237 tons.
Withdrawals on the Shanghai Gold Exchange are often considered a good proxy for the level of physical gold demand in China.
The Peoples Bank of China has slowed its gold purchases recently. In November and December the PBOC added no gold to its reserves. The PBOC sold about 20 tons of gold in December and added about 7 tons in January and 14 tons in February 2017. The PBOC added no gold to reserves in March 2017.
Since 2008 through March 2017, 13,584 tons of gold have been withdrawn from the Shanghai Gold Exchange.
Through the end of March 2017, approximately 556 tons of gold have been withdrawn from the Shanghai Gold Exchange. In 2015, a record year for withdrawals, 625 tons of gold were withdrawn by the end of March, or about 11% more. Withdrawals are running ahead of 2016’s end of March total of 516 tons and slightly behind 2014’s end of March total of 564 tons.
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