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SGE Gold Spread Analysis
Spot vs futures spread analysis for Shanghai Gold Exchange gold contracts.
Shanghai Gold Exchange Gold Spread Analysis
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About this data
This page tracks the daily spread between the Shanghai Gold Exchange Au99.99 spot contract and the Au(T+D) deferred contract, quoted in yuan per gram as spot minus deferred and as a percentage of the spot price. A persistently positive spread points to tight physical supply or strong spot demand in China; a negative spread suggests selling pressure in the deferred market or ample physical supply.
Source: Shanghai Gold Exchange (sge.com.cn) official daily data, updated after each SGE trading session.
Frequently asked questions
- What is SGE Au99.99?
- Au99.99 is the Shanghai Gold Exchange spot contract for 99.99%-purity gold, quoted in yuan per gram. It is the benchmark price for physical gold in China.
- What is Au(T+D)?
- Au(T+D) is the SGE margin-traded deferred-delivery gold contract. Positions can be rolled indefinitely against a daily deferral fee, so it behaves like a perpetual future and attracts leveraged and hedging flows.
- What does the Au99.99 vs Au(T+D) spread indicate?
- The spread separates physical demand from paper positioning inside China. Spot trading above deferred signals buyers paying up for immediate metal; spot below deferred signals speculative length in the deferred market outrunning physical demand.