Which SGE contracts does MetalCharts track?

For gold we track Au99.99 (24-karat 1kg bar, the SGE benchmark physical gold contract) and Au(T+D) (deferred-delivery gold). For silver we track Ag(T+D) (deferred-delivery silver, the most liquid SGE silver contract for export-quality 99.99% silver). We also surface Au99.95, Au99.5, and other lower-purity gold contracts where users need them for refining or jewelry workflows.

How does SGE pricing differ from SHFE pricing?

The Shanghai Gold Exchange (SGE) is a physical market — its contracts are designed for real metal delivery to refiners, jewelers, banks, and institutional buyers. The Shanghai Futures Exchange (SHFE) is a futures market designed for hedging and speculation. Prices on the two exchanges typically diverge, and the spread between SHFE futures and SGE spot is itself a useful signal of physical-vs-paper market positioning.

What CNY/USD rate do you use?

We use the spot USD/CNY mid-market rate, refreshed alongside our hourly SGE pull. We deliberately do not use the offshore CNH rate, the PBOC daily fixing, or last week's average. Mismatched FX rates are the single most common reason third-party SGE quotes disagree with each other.

How often does SGE data update?

Hourly during SGE trading sessions (Beijing time 9:00-11:30 AM and 1:30-3:30 PM, Monday-Friday, plus night sessions for some contracts). Outside those windows the SGE benchmark is frozen at the most recent close, but our USD-denominated display continues to drift with the FX rate. We surface a clear 'last updated' timestamp on every SGE chart.

How is the gold price converted from CNY/g to USD/oz?

Two-step: we apply the spot USD/CNY rate to convert CNY to USD, then convert grams to troy ounces using the standard 31.1034768 g/oz factor. We do this conversion at the per-tick level so the historical chart is internally consistent — a CNY-denominated SGE move is visible in our USD-denominated display in real time.

Why does your SGE price sometimes differ from SGE's own English-language site?

Two main reasons. First, contract selection — SGE publishes many contracts and different aggregators pick different ones (Au99.99 vs Au(T+D) vs the SGE Benchmark price). Second, FX timing — applying yesterday's PBOC fixing to a live CNY price gives a different USD figure than applying the live spot rate. Our methodology pages on each contract list exactly which series we're displaying so reconciliation is straightforward.

How do SGE inventory withdrawals relate to your data?

SGE publishes weekly gold withdrawal data (gold leaving the SGE vault system into the Chinese commercial system) which is widely treated as a proxy for Chinese physical gold demand. We track this separately on our SGE inventory page; it is distinct from spot price data and updates on a different schedule (Friday Beijing time for the prior week).

SGE Methodology

How MetalCharts sources and presents Shanghai Gold Exchange spot data for gold, silver, platinum, and palladium.

Written by

MetalCharts Editorial

Published May 12, 2026

Source data

The Shanghai Gold Exchange (SGE) is the world’s largest physical gold spot market by volume and the principal Chinese venue for spot and deferred-delivery trading of gold, silver, platinum, and palladium. MetalCharts pulls SGE benchmark and primary contract prices directly from the exchange’s published market data feeds during SGE trading hours.

For gold our default series is Au99.99, the SGE’s 24-karat 1kg benchmark physical contract, with Au(T+D) (deferred-delivery gold) available alongside it. For silver we use Ag(T+D), the SGE’s most liquid silver contract, denominated in CNY per kilogram. For platinum and palladium we use the SGE’s standard physical contracts in CNY per gram.

CNY → USD conversion

We apply the spot USD/CNY mid-market exchange rate — not the offshore CNH rate and not the PBOC daily fixing — refreshed alongside every SGE price pull. Using onshore spot keeps the displayed USD price in line with the price a Chinese commercial buyer would actually settle at, and avoids the most common source of disagreement between Shanghai-premium quotes from different sites.

Conversion happens per-tick: each new SGE price is converted at the FX rate in effect at that moment. This means a USD-denominated SGE chart can move slightly even when SGE itself is closed for the day, reflecting changes in the underlying FX rate.

Weight conversion

SGE quotes gold and platinum-group metals in CNY per gram and silver in CNY per kilogram. We convert to troy ounces (the international convention) using the exact factor 31.1034768 g per troy oz. We do not round the conversion factor or apply approximations — the chart is calculated at full precision and rounded only at display time.

Update cadence & trading hours

SGE morning session runs 9:00–11:30 AM Beijing time, afternoon session 1:30–3:30 PM Beijing time, Monday through Friday. Some contracts also trade in an overnight session (8:00 PM–2:30 AM Beijing time the following day). MetalCharts pulls live data hourly during trading windows and freezes at the most recent close outside those windows.

SGE closes for the Lunar New Year holiday (typically 7 trading days), the Mid-Autumn Festival, the National Day Golden Week (5 trading days), and several single-day holidays. During those windows the displayed SGE price is held flat at the most recent close while Western markets continue to trade. We flag holiday windows on charts.

Limitations to know about

SGE prices are pre-VAT. China’s 13% VAT applies on physical gold at the point of withdrawal from the SGE vault system. Our headline price does not bake VAT in, because doing so would create an apples-to-oranges comparison against the Western spot price (which is also pre-VAT).

SGE membership and contract specifications change occasionally. We update the contract definitions used in our pulls when SGE publishes contract revisions, and we annotate any historical-data gaps that result from contract migrations.

We are not affiliated with the Shanghai Gold Exchange. All trademark rights to the underlying data remain with the SGE.

Frequently asked questions

Which SGE contracts does MetalCharts track?: For gold we track Au99.99 (24-karat 1kg bar, the SGE benchmark physical gold contract) and Au(T+D) (deferred-delivery gold). For silver we track Ag(T+D) (deferred-delivery silver, the most liquid SGE silver contract for export-quality 99.99% silver). We also surface Au99.95, Au99.5, and other lower-purity gold contracts where users need them for refining or jewelry workflows.
How does SGE pricing differ from SHFE pricing?: The Shanghai Gold Exchange (SGE) is a physical market — its contracts are designed for real metal delivery to refiners, jewelers, banks, and institutional buyers. The Shanghai Futures Exchange (SHFE) is a futures market designed for hedging and speculation. Prices on the two exchanges typically diverge, and the spread between SHFE futures and SGE spot is itself a useful signal of physical-vs-paper market positioning.
What CNY/USD rate do you use?: We use the spot USD/CNY mid-market rate, refreshed alongside our hourly SGE pull. We deliberately do not use the offshore CNH rate, the PBOC daily fixing, or last week's average. Mismatched FX rates are the single most common reason third-party SGE quotes disagree with each other.
How often does SGE data update?: Hourly during SGE trading sessions (Beijing time 9:00-11:30 AM and 1:30-3:30 PM, Monday-Friday, plus night sessions for some contracts). Outside those windows the SGE benchmark is frozen at the most recent close, but our USD-denominated display continues to drift with the FX rate. We surface a clear 'last updated' timestamp on every SGE chart.
How is the gold price converted from CNY/g to USD/oz?: Two-step: we apply the spot USD/CNY rate to convert CNY to USD, then convert grams to troy ounces using the standard 31.1034768 g/oz factor. We do this conversion at the per-tick level so the historical chart is internally consistent — a CNY-denominated SGE move is visible in our USD-denominated display in real time.
Why does your SGE price sometimes differ from SGE's own English-language site?: Two main reasons. First, contract selection — SGE publishes many contracts and different aggregators pick different ones (Au99.99 vs Au(T+D) vs the SGE Benchmark price). Second, FX timing — applying yesterday's PBOC fixing to a live CNY price gives a different USD figure than applying the live spot rate. Our methodology pages on each contract list exactly which series we're displaying so reconciliation is straightforward.
How do SGE inventory withdrawals relate to your data?: SGE publishes weekly gold withdrawal data (gold leaving the SGE vault system into the Chinese commercial system) which is widely treated as a proxy for Chinese physical gold demand. We track this separately on our SGE inventory page; it is distinct from spot price data and updates on a different schedule (Friday Beijing time for the prior week).