World Gold Council: Gold Price Premium in China Falls in March, but Q1 Premium Still at Historic High The World Gold Council reported that due to soaring gold prices suppressing demand, the gold withdrawal volume at the Shanghai Gold Exchange (SGE) in March was 124 tons, slightly down by 3 tons from February. However, upstream physical gold demand in the first quarter reached the highest level since 2019, totaling 522 tons. In March, the premium of gold prices in China, both domestic and overseas, decreased, reflecting a slight weakening of domestic gold demand in the face of rising gold prices. However, due to strong physical gold demand in the first two months, the average premium for the entire first quarter still reached a historic high of $40 per ounce. Gold ETF inflows in the Chinese market continued, with approximately 1.2 billion yuan flowing in March.