(Kitco News) – China’s gold market posted one of its strongest performances of all time in April, with prices, physical and investment demand all sky-high, but demand may wane as U.S.-China tensions ease, according to Ray Jia, Research Head, China at the World Gold Council (WGC).
Jia noted that global gold prices continued their rise in April, and this strength was reflected in the Chinese market. “Our model shows that a weaker dollar, elevated geopolitical/economic uncertainties and strong gold ETF inflows drove gold up,” he said. “While the LBMA Gold Price PM in USD saw its strongest April since 2011, the SHAUPM in RMB recorded its highest April return in 19 years.”
Jia said that the RMB gold price has seen a cumulative return of 24%, marking the strongest January to April performance on record. “And the LBMA Gold Price PM soared 27% during the same period,” he added, “The difference is mainly a result of a stronger RMB, which has appreciated 1% so far in 2025.”
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