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Beijing's money laundering crackdown dents China's gold premium

$18 bonus in Shanghai plunges to $33 discount over a week

Gold prices in China have recovered from the lows plumbed during the pandemic last year.   © Reuters

TOKYO -- China's bullish gold market has cooled this month after Beijing's proposal for stricter rules targeting money laundering touched off a sell-off.

Gold traded in Shanghai was routinely fetching a "Chinese premium" price of roughly $18 per troy ounce over the global benchmark. But that spread began crashing June 2, and the price now sits in discount territory.

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