Gold inventories at warehouses linked to the Shanghai Futures Exchange have hit a record high of over 36 tonnes
nearly doubling in a monthsurge is driven by traders exploiting a widening gap between high futures prices and cheaper spot goldprofiting by delivering physical gold into the exchangeAccording to the World Gold Council (an industry lobby group), this reflects strong speculative demand in China amid low interest rates.
Despite gold’s broad support from geopolitical risk and economic uncertainty, the rally has created a disconnect: retail jewelry demand in China dropped 45% quarter-on-quarter, while investment demand for bars and coins remains firm, and gold ETFs have seen outflows as retail investors pivot to equities.
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