Silver Rises Over 120% YTD 
China’s gold market surged in April 2025, marking its fifth straight month of price gains.
Chinese gold ETFs had their strongest month ever, adding 65 tonnes (US$6.8bn). The Shanghai Benchmark Gold Price rose 6.9%, while the LBMA Gold Price increased 6%.
Wholesale demand jumped with 153 tonnes withdrawn from the Shanghai Gold Exchange—27% more than March. The People’s Bank of China added another 2.2 tonnes to its reserves, now at 2,295 tonnes.
Despite strong investment activity, Q1 gold imports were weak due to lower premiums and reduced jewelry demand. While short-term investment may slow due to profit-taking, the long-term outlook remains positive.
