Shanghai Gold Premium
Onshore Shanghai gold (SGE/SHFE) is trading at a +0.7% premium over the London PM benchmark as of July 24, 2026, with Shanghai at $4,095 against London's $4,067 per troy ounce. A positive premium means Chinese physical buyers are paying up for metal, a read on strong domestic demand or a tight import quota.
Daily premium, percent over London
The Shanghai gold premium is the gap between onshore Chinese gold, priced on the Shanghai Gold Exchange and Shanghai Futures Exchange, and the London (LBMA) benchmark. Standard gold is VAT-exempt on the SGE under China's MOF/STA Announcement No. 11/2025, effective November 1, 2025, so this premium is a clean read on physical demand and the import quota rather than a tax artifact. It is the same figure the World Gold Council reports as the SGE gold premium, and it is small by design, typically running from about minus 1 percent to plus 2 percent, because gold is arbitraged within the quota. This page is data, not financial advice.
Common questions
- What is the Shanghai gold premium?
- It is how much more (or less) an ounce of gold costs on China's onshore market, the Shanghai Gold Exchange and Shanghai Futures Exchange, than the London (LBMA) benchmark. It is quoted as a percent over the London PM fix. When it is positive, buyers in China are paying up over the international price; when it is negative, onshore gold is cheaper than London.
- Does China's 13% VAT inflate the Shanghai gold premium?
- No. Standard gold traded on the SGE and SHFE is VAT-exempt under China's MOF/STA Announcement No. 11/2025, effective November 1, 2025. So the premium is a genuine physical-demand and import-quota signal, not a tax artifact. The 13% VAT applies to SHFE silver and base metals, not to standard gold, and is not part of this number.
- What does a positive or negative Shanghai premium mean?
- A positive premium means Chinese physical buyers are paying above London, which points to strong domestic demand or a tight gold import quota pulling metal East. A premium near zero or negative means soft local demand or that the import arbitrage has closed. Because gold is VAT-exempt and arbitraged within the quota, the premium is small by design, typically in a range of about minus 1 percent to plus 2 percent.
- How is the premium calculated?
- It is the onshore SGE/SHFE gold price divided by the London PM gold fix, minus one, expressed as a percent, with both prices in US dollars per troy ounce and matched by date. This is the same figure the World Gold Council reports as the SGE gold premium.
Premium computed from onshore SGE/SHFE gold (Sina feed) and the LBMA London PM gold fix, both in US dollars per troy ounce, matched by date. Series of 49 trading days as of July 24, 2026.