A diverging market
By the end of March 2026, international gold prices reached 4,608.35 US dollars per ounce, an increase of 6.97 percent from the end of 2025. Domestic prices followed this trajectory, with the benchmark Au99.99 on the Shanghai Gold Exchange closing at 1,018.90 yuan per gram, up 4.51 percent over the same period. Despite the higher valuations, the physical volume of gold traded on the Shanghai Gold Exchange dropped to 14,500 tons in the first quarter, a year-on-year decline of 9.6 percent.
The value of transactions
Even as the physical tonnage contracted, the higher price per gram drove up the financial footprint of the trades. The total turnover value on the Shanghai Gold Exchange reached 15.7 trillion yuan in the first quarter, which is a 46.6 percent increase compared to the same period in the previous year.
Source institutions：People’s Bank of China
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