China's gold trade surges in 2019

BEIJING -- China's gold market expanded fast in 2019 as trading volume of gold futures and spot gold both rose considerably, according to the China Gold Association (CGA).

In 2019, the trading volume of all gold products on the Shanghai Gold Exchange (SGE), which trades spot gold, edged up 0.12 percent year on year to 68,600 metric tons in 2019, with combined turnover rising 15.69 percent to 21.49 trillion yuan (about $3.12 trillion), CGA data showed.

In the same period, the total trading volume of gold futures on the Shanghai Futures Exchange soared 186.84 percent to 92,500 tonnes with turnover surging 238.92 percent from a year earlier to 29.99 trillion yuan, according to the CGA.

The association attributed the rapid growth to the gold price rise last year, especially in the second half of 2019, which attracted more investment from institutions.

Global gold price averaged $1,395.6 per ounce in 2019, up 9.84 percent compared with the previous year. The average price of Au 9,999, a highly refined pure gold, went up 13.73 percent year on year to 308.7 yuan per gram last year on the SGE.