Shanghai Gold Withdrawals at Record on Signs of More Demand
- Withdrawals rise 511 tons this year from same period in `14
- China's gold imports from Hong Kong, Switzerland increase
The Bloomberg Commodity Index dropped as much as 1 percent, falling for a fifth day in the longest stretch of declines since March.
Photographer: Billy H.C. Kwok/BloombergThis article is for subscribers only.
Investors have withdrawn a record amount of gold from the Shanghai Gold Exchange this year, adding to signs that demand in China is recovering after a stock market rout and a shock devaluation of the yuan.
Withdrawals jumped 37 percent to 1,891.9 metric tons through Sept. 18 from 1,380.9 tons a year earlier, according to data on the bourse website. Trading increased 150 percent in the first eight months, said Liu Liang, a spokesman for the exchange, the world’s largest spot bullion market.