China Gold Price Today in USD
Live Chinese gold price in dollars from the Shanghai Gold Exchange Au99.99 benchmark, with the China premium vs US spot.
Gold Price in Yuan: China vs Western
China benchmark and Western spot in Chinese yuan per gram (¥/g)
How China prices gold
China's national gold price is the Au99.99 benchmark published by the Shanghai Gold Exchange (SGE), the country's only authorized spot venue for physical precious metals. Au99.99 represents 99.99% pure gold (24 karat) and is quoted in Chinese Yuan per gram. Chinese banks, refiners, and the People's Bank of China (PBOC) reference Au99.99 when valuing domestic gold transactions. When you search for the "China gold price," this is the number you are looking for.
Why China's gold price runs above the US spot price
Gold in China carries a persistent premium over the US spot price because supply is capped and demand is enormous. Only PBOC-approved banks can import gold, and import quotas are adjusted based on capital-outflow concerns. On the demand side, China is both the world's largest jewelry market and one of the largest official-sector buyers, the PBOC has been adding to reserves for years. Capital controls on the Yuan prevent arbitrageurs from smoothly equalizing the price between Shanghai and London or New York. The result is a premium that typically runs within a couple of percent of the US spot price, widening during PBOC buying campaigns, Lunar New Year, and the autumn wedding season.
Converting China's gold price into US dollars
The SGE quotes Au99.99 in CNY per gram. To compare with the US spot price (quoted in USD per troy ounce), two conversions are needed:
Price (USD/oz) = Price (CNY/g) × 31.1035 ÷ (USD/CNY rate)
31.1035 is the number of grams in a troy ounce. The live price card above handles this automatically using real-time USD/CNY rates and the latest SGE Au99.99 quote from Beijing trading hours, including the night session that overlaps with London and New York trading.
What the China gold premium tells you
The China gold premium is the single best real-time signal of physical gold demand in Asia. Because the SGE settles physically (unlike COMEX, which is over 99% paper), a wider premium means real buyers are paying more for actual metal, not for a futures contract that will be cash-settled. Things to watch:
- Premium spike during PBOC buying: When the PBOC accelerates reserve additions, Chinese demand pressure shows up in the premium before reserve announcements are made public.
- Seasonal widening (Sep-Feb): Wedding season followed by Lunar New Year predictably drives jewelry demand and a wider premium.
- Premium widening with Yuan weakness: Chinese investors buy gold to hedge currency risk, pushing the local price up.
- Premium collapse: Either physical demand cooled, or the PBOC quietly expanded import quotas to bring supply onshore.
China's gold market in one table
| Venue | Function | Used by |
|---|---|---|
| SGE Au99.99 | Physical spot benchmark | Banks, refiners, jewelers |
| SGE International | Spot for foreign investors | Offshore institutions |
| SHFE | Gold futures (Au T+D) | Hedgers, speculators |
| PBOC | Import licensing & reserves | Approved banks only |
When this page says "China gold price," it means the SGE Au99.99 spot benchmark unless otherwise stated. For a deeper look at the SGE itself, including SHFE warehouse stock and the full historical premium, see our Shanghai gold premium page.
Frequently Asked Questions
- How is the China gold price set?
- China's official gold benchmark is the Au99.99 contract on the Shanghai Gold Exchange (SGE), representing 99.99% pure gold. The SGE quotes Au99.99 in Chinese Yuan per gram (CNY/g) during Beijing trading hours and night session. We convert that benchmark to US dollars per troy ounce using the live USD/CNY exchange rate so it can be compared directly with the US spot price.
- Why is gold in China more expensive than in the US?
- Three reasons drive the China gold premium. First, only PBOC-approved banks can import gold into China, which restricts supply. Second, China is the world's largest gold consumer, over 1,000 tonnes annually between jewelry, household savings, and PBOC reserve accumulation. Third, the Yuan is not freely convertible, so cross-border arbitrage cannot fully close the price gap. Together, these factors keep China's gold price above US spot, usually by up to a couple of percent though the gap varies with demand and the Yuan.
- Is there VAT on gold in China?
- Investment-grade gold bars and coins traded on the SGE are exempt from China's 13% VAT, a deliberate policy choice that distinguishes gold from silver (which does carry 13% import VAT). Gold jewelry, however, is taxed. This VAT exemption is one reason China's gold premium is typically narrower than its silver premium.
- What's the difference between the China gold price and the Shanghai gold price?
- They refer to the same number. 'China gold price' is the general phrasing; 'Shanghai gold price' refers to the exchange that publishes it. The Shanghai Gold Exchange is China's national venue for gold price discovery, so the SGE Au99.99 benchmark is China's official gold price.
- Can a foreign buyer purchase gold at the China price?
- Not directly. The domestic SGE is restricted to approved Chinese institutions. International investors can access China-priced gold indirectly through SGE International (launched 2014, located in the Shanghai Free Trade Zone), the Hong Kong-Shanghai Gold Connect, or SGE-linked ETFs. Tracking the China premium remains useful even without trading access, it is a real-time signal of physical demand from the world's largest gold consumer.
- Why do gold investors watch the China premium?
- Because the SGE requires physical delivery (unlike COMEX, which is over 99% paper), the China premium reacts first to changes in real physical demand. When the premium widens, it often precedes Western price moves: physical buyers in Asia are willing to pay up for actual metal before the futures-driven Western market catches up. PBOC gold reserve announcements, Chinese New Year jewelry buying, and Yuan moves all flow through the premium first.