SGE Gold Trading
Shanghai Gold Exchange gold contract prices and trading data
About SGE Gold Contracts
The SGE offers four gold contracts: Au99.99 and Au99.95 are spot contracts for 99.99% and 99.95% purity gold respectively, with physical delivery through SGE vaults. Au(T+D) is the exchange's flagship deferred settlement contract, allowing leveraged positions with daily carrying charges. mAu(T+D) is a mini version of Au(T+D) with a smaller contract size, designed for individual investors. Prices are quoted in CNY per gram.
SGE Gold Trading Volume and Turnover
The Shanghai Gold Exchange is the world's largest physical gold exchange by trading volume, handling more physical gold delivery annually than any other exchange. The Au99.99 contract is the primary spot contract for institutional and retail participants seeking physical gold, while Au99.95 caters to industrial users who require slightly lower purity at a reduced premium.
Au(T+D) consistently generates the highest daily turnover among all SGE gold contracts due to its leveraged nature and deferred settlement structure. Volume spikes in Au(T+D) often signal shifts in speculative sentiment, while sustained high volume in Au99.99 indicates strong physical demand from jewelers, refiners, and institutional buyers.
Monitoring the ratio of Au(T+D) volume to Au99.99 volume can help distinguish between speculative and physical demand. A rising ratio suggests speculative activity is outpacing physical buying, while a falling ratio indicates stronger underlying physical demand.
SGE Gold Delivery and Settlement
Physical delivery is a defining feature of the SGE, distinguishing it from largely cash-settled futures markets like COMEX. When a buyer takes delivery on an Au99.99 or Au99.95 contract, gold bars are transferred from the seller's account to the buyer's account within SGE-approved vaults located in major Chinese cities including Shanghai, Beijing, Shenzhen, and Chengdu.
Gold bars delivered through the SGE must meet strict specifications: Au99.99 bars are 1 kilogram of 99.99% purity, while Au99.95 bars are 3 kilograms of 99.95% purity. All bars must bear the stamp of an SGE-approved refiner. The exchange publishes weekly delivery data, which analysts use to gauge real physical gold consumption in China.
Because delivery is physical rather than cash-settled, SGE prices are considered a purer indicator of actual supply and demand than prices on markets where the vast majority of contracts are closed out before expiry. This makes SGE delivery data one of the most important metrics for understanding Chinese gold demand.
How SGE Gold Prices Compare to LBMA and COMEX
The SGE, LBMA, and COMEX are the three primary gold pricing venues globally. Each serves a different function and market structure, which leads to price differences that traders and analysts closely monitor.
| Feature | SGE | LBMA | COMEX |
|---|---|---|---|
| Market type | Physical spot | OTC forward | Futures |
| Benchmark | Au99.99 | LBMA Gold Price | GC futures |
| Settlement | Physical delivery | Loco London | Mostly cash |
| Currency | CNY/gram | USD/oz | USD/oz |
| Role | China domestic | Global OTC | Global futures |
The difference between the SGE price (converted to USD/oz) and the LBMA or COMEX price is known as the Shanghai premium or discount. A positive premium indicates strong Chinese demand relative to global supply, while a discount suggests weaker domestic demand or excess inventory.
Data Sources & Methodology
SGE gold trading data displayed on MetalCharts is sourced from the Shanghai Gold Exchange's official daily trading reports. This includes open, high, low, close prices, trading volume, turnover, and open interest for all four gold contracts (Au99.99, Au99.95, Au(T+D), and mAu(T+D)).
Shanghai Gold Benchmark (SHAU) AM and PM fixing prices are collected from SGE benchmark auction results. Weekly delivery volumes and vault inventory data are sourced from SGE weekly reports published each Monday.
Data is updated daily after the SGE market close (3:30 PM CST / 7:30 AM UTC). USD-equivalent prices are calculated using the prevailing CNY/USD exchange rate. Historical data is available for charting and analysis.
Frequently Asked Questions
- What is Au99.99 on the SGE?
- Au99.99 is the SGE's primary gold spot contract, trading gold with 99.99% purity (24 karat). Prices are quoted in Chinese yuan per gram. Physical delivery occurs through SGE-certified vaults. It is the reference contract for Chinese domestic gold pricing.
- What is the difference between Au99.99 and Au(T+D)?
- Au99.99 is a spot contract requiring immediate delivery and full payment. Au(T+D) is a deferred settlement contract — similar to a perpetual future — where positions can be held indefinitely with a margin deposit and daily carrying fees. Au(T+D) has higher volume and open interest, making it the preferred contract for speculative trading.
- How is the Shanghai Gold Benchmark set?
- The Shanghai Gold Benchmark (SHAU) is determined twice daily through a centralized auction on the SGE. Participating members submit buy/sell orders, and the benchmark price is set where supply matches demand. The AM fixing occurs around 10:15 AM CST and the PM fixing around 2:15 PM CST.
- What is the Au99.99 gold contract?
- The Au99.99 is the SGE's flagship gold contract, representing 99.99% pure gold with a contract size of 1 kilogram. It is the primary benchmark for gold pricing in China.
- How does SGE gold delivery work?
- SGE gold delivery occurs through approved vaults in major Chinese cities. Buyers take physical possession of gold bars meeting SGE specifications. This physical delivery requirement ensures prices reflect real supply and demand.