[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-563592-105":53,"doc-detail-563592-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","china-gold-market-update-november-demand-feels-the-vat-reform","China gold market update - November demand feels the VAT reform","","China’s gold market strengthened in November as global gold prices continued to climb, supported by rising expectations for a Fed rate cut. The LBMA Gold Price PM rose further while the Shanghai Benchmark Gold Price PM also increased, though RMB strength and weaker local demand moderated gains. Wholesale gold demand fell sharply after the VAT reform, with gold jewellery weakness deterring consumers and reducing retailer restocking. In contrast, gold ETFs saw sizable inflows, and PBoC gold purchases extended their streak, lifting total reserves.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/china-gold-market-update-november-demand-feels-the-vat-reform/563592/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/china-gold-market-update-november-demand-feels-the-vat-reform/563592.png","ImageObject",442,249,{"name":88,"@type":89},"Lucas Martin","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-20","2026-10-12",true,{"@type":98,"interactionType":99,"userInteractionCount":79},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"How did gold prices perform in China during November?","Question",{"text":108,"@type":109},"The LBMA Gold Price PM in USD recorded its sixth consecutive monthly gain, while the Shanghai Benchmark Gold Price PM in RMB rose for a fifth straight month.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What effect did the VAT reform have on wholesale gold demand and jewellery sales?",{"text":113,"@type":109},"Wholesale gold demand dropped 32% month-on-month to 84t, linked to weakness in the gold jewellery sector as rising jewellery costs deterred consumers and reduced restocking.",{"name":115,"@type":106,"acceptedAnswer":116},"Why did gold ETF demand remain strong even as jewellery demand weakened?",{"text":117,"@type":109},"Chinese gold ETFs attracted RMB16bn in November and maintained a third consecutive monthly inflow; the document links this strength to factors also supporting bullion sales, including shifts toward investment products and ongoing safe-haven demand.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},563592,1792338269,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":47,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":73},8796095360427,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","China gold market update  \nNovember demand feels the VAT reform  \nHighlights  \n• Gold rose further: The LBMA Gold Price PM in USD saw its sixth monthly gain whilst the Shanghai Benchmark Gold Price PM (SHAUPM) in RMB rose for the fifth consecutive month  \n• Wholesale gold demand fell 32% m/m to 84t in November amid weakness in the gold jewellery sector  \n• Chinese gold ETFs continued to see sizable inflows, attracting RMB16bn (US$2 . 2bn, 17t); gold futures volumes at the Shanghai Futures Exchange (SHFE) fell alongside the falling gold price volatility  \n• The People’s Bank of China (PBoC) reported its 13th consecutive monthly gold purchase: it added another  \n0. 9t in November, lifting its total to 2,305t, 8.3% of China’s foreign exchange reserves.  \nLooking ahead  \n• The recent VAT reform has accelerated consolidation in the gold jewellery industry, hampering consumption and, in all probability, continuing to hurt sales in the near future. But we believe by forcing out stores with weak financial strength and product power, the industry will be leaner, healthier. And that jewellers will re-focus efforts on the “jewellery” aspect of gold jewellery.  \n• Investment momentum has been notable over recent months and previous drivers, including changes in local equity performance, geopolitical tensions and the gold price, will continue to be key. Two trends are relatively certain: bullion sales will be more concentrated in SGE member channels, and ‘would-be’gold jewellery buyers with investment motives will migrate to investment products in the face of higher tax burdens on gold jewellery.  \nChart 1: Global gold prices kept climbing in November  \nMonthly returns ofthe SHAUPM in RMB and LBMA Gold Price PM in USD*  \n05/2024 07/2024 09/2024 11/2024 01/2025 03/2025 05/2025 07/2025 09/2025 11/2025  \n SHAUPM  LBMA Gold Price PM  \n* Data to 30 November 2025.  \nSource: Shanghai Gold Exchange, World Gold Council  \nGold kept climbing  \nGlobal gold prices continued to trend up (Chart 1, p1) . Intensifying investor expectations of a Fed rate cut in December, among other factors, lifted gold. The LBMA Gold Price PM in USD was 4. 5% higher in November (+61% y-t-d) and the Shanghai Benchmark Gold Price PM (SHAUPM) in RMB climbed 3%(+54% y-t-d)– the appreciating RMB against the dollar and weakening local demand limited its gain.  \nWholesale gold demand weakened by the recent VAT change  \nGold withdrawals from the SGE – a proxy for wholesale gold demand in China – fell 32% m/m and 15% y/y to 84t last month (Chart 2), the weakest November since 2009. Historical patterns suggest gradual pick ups in wholesale gold demand after October, yet November this year showed unseasonable weakness. This is likely due mainly to a significantly weakened gold jewellery sector: impacted by the recent VAT reform, rising gold jewellery costs have deterred consumersand subdued retailer restocking activity – as detailed in our blog.  \nIn contrast, bullion sales from SGE member channels – which are not impacted by the VAT change – stayed healthy in the month, although insufficiently to offset jewellery weakness. We believe investment strength comes from:  \n• Previous gold jewellery buyers with investment motives who are turning to gold bars and coins in the face of additional tax burdens  \n• Rising safe-haven demand amid intensifying geopolitical tensions between China and Japan, as well as local equity pullbacks  \n• Gold’s continued price strength  \n• The PBoC’s consistent record of gold purchases.  \nChart 2: Wholesale gold demand weakened in November  \nMonthly gold withdrawals from the SGE*  \nJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  \n 2024  2025  Ten-year average  \n*The 10-year average is based on data between 2015 and 2024.  \nSource: Shanghai Gold Exchange, World Gold Council  \nChinese investors continue to buy gold ETFs at pace  \nChinese gold ETFs attracted RMB16bn (US$2 . 2bn, 17t) in November, their third consecutive monthly inflow and well above the 2024 mo","cbCaij0MRGx3scQZ","https://ap.wps.com/l/cbCaij0MRGx3scQZ","pdf",232501,"English","# Highlights\n## Gold prices and benchmark performance\n## Wholesale gold demand decline\n## Gold ETFs inflows and futures volatility\n## PBoC gold purchases streak\n# Looking ahead\n## Impact of VAT reform on jewellery consumption\n## Investment momentum and expected channel shifts\n# Charts\n## Global gold prices kept climbing in November\n## Wholesale gold demand weakened in November\n## Chinese gold ETF demand remained elevated in November\n## Gold futures volumes pulled back yet stayed elevated\n## PBoC’s gold purchasing streak extended to 13 months","[{\"question\":\"How did gold prices perform in China during November?\",\"answer\":\"The LBMA Gold Price PM in USD recorded its sixth consecutive monthly gain, while the Shanghai Benchmark Gold Price PM in RMB rose for a fifth straight month.\"},{\"question\":\"What effect did the VAT reform have on wholesale gold demand and jewellery sales?\",\"answer\":\"Wholesale gold demand dropped 32% month-on-month to 84t, linked to weakness in the gold jewellery sector as rising jewellery costs deterred consumers and reduced restocking.\"},{\"question\":\"Why did gold ETF demand remain strong even as jewellery demand weakened?\",\"answer\":\"Chinese gold ETFs attracted RMB16bn in November and maintained a third consecutive monthly inflow; the document links this strength to factors also supporting bullion sales, including shifts toward investment products and ongoing safe-haven demand.\"}]","China gold market update - November demand feels the VAT reform | PDF",1791836739]