China's Gold imports in 2022 hit highest level since 2018 – WGC

According to the latest data published by the World Gold Council (WGC) on Wednesday, China's gold imports rebounded strongly in the second half of last year.

Additional takeaways

China's Gold imports increased by 64% year-on-year last year, totaling upto 1,343 mt of gold, the highest level since 2018.

China’s Gold imports reached 157 mt in December.

The total amount of gold withdrawn from the Shanghai Gold Exchange in January this year was 140 mt, down 25% from the same period last year, mainly affected by the CNY holiday.

Earlier this month, the People's Bank of China reported that it increased its holdings of gold by 970,000 ounces to 64.64 million ounces in December last year, increasing its holdings of gold for the second consecutive month.

Market reaction

Gold price is holding higher ground near $1,842 on its rebound from six-week troughs of $1,831, underpinned by a broadly weaker US Dollar and resurgent Chinese Gold demand.