Central Bank Gold Buying Data Boosts Precious Metals Sector, Silver Spot Market Trading Normal [SMM Daily Review]

Published: Sep 8, 2026 11:40

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Today, SMM's 10:00 a.m. price for the Shanghai Gold Exchange Ag (T+D) was 16,278 yuan/kg, with the premium range quoted at parity to +10 yuan/kg against TD, and the weighted average price at 3.54 yuan/kg.

On September 7, according to the latest official reserve asset data, as of end-August 2026, China's gold reserves reached 76.73 million ounces, an increase of 650,000 ounces (about 20.22 mt) from end-July, marking 22 consecutive months of gold accumulation. The single-month increase in August hit a new high in nearly three years. This sustained gold purchase cycle began in November 2024, with the pace of accumulation generally on an upward trend. Even as international gold prices consolidated at highs with fluctuations, the central bank's gold purchases were not interrupted by short-term price disturbances, reflecting a clear long-term strategic allocation orientation.

In the spot market, overall trading was normal today. Suppliers remained firm in holding prices, with offers on the high side. Downstream transactions were mainly concluded through negotiation. Mainstream initial offers were concentrated at a discount of 40-30 yuan/kg against the most-traded SHFE 2610 contract, basically flat from the previous trading day, with actual transaction prices skewed toward the mid-to-low end. Early morning quotes in Shanghai were mainly around TD+5 yuan/kg. Today's premium quote for the most-traded SHFE 2610 contract was at a discount of 45 to 35 yuan/kg. Overall, the central bank's gold purchase data provided some support to the precious metals sector, but international geopolitical risks continued to escalate, coupled with significant fluctuations in rate hike expectations recently. Amid these intertwined factors, the market overall maintained a cautious sentiment. In the spot market, silver offers remained firm today, with transactions concentrated in a small premium range and overall trading normal.

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