Shanghai Gold Price in US Dollars
Quick answer: The Shanghai Gold Exchange's morning benchmark on November 10, 2026 was 884.55 yuan per gram. Converted at 6.6703 yuan to the dollar, that is $4,124.64 per troy ounce. The last COMEX gold close before it, on November 9, 2026, was $4,114.50, so Shanghai stood +0.25% ($10.14 per ounce) against New York.
Shanghai Gold Exchange benchmark (morning), November 10, 2026
$4,124.64USD / oz
- 884.55 yuan per gram, as SGE publishes it
- $4,114.50 last COMEX gold futures close before it, November 9, 2026
- +0.25% Shanghai against the US price
SGE data read ; USD/CNY 6.6703, the European Central Bank reference rate of November 10, 2026 via Frankfurter.
The card shows the same figures with their dates. Shanghai publishes once in its morning, so this number changes once per trading day, not every second like the gold spot market price on our home page.
The conversion, step by step
Shanghai quotes gold in yuan per gram; New York and London quote dollars per troy ounce. Getting from one to the other takes two moves.
- Grams to ounces. One troy ounce is 31.1034768 grams. Multiply the yuan-per-gram price by that figure and you have yuan per ounce: 884.55 becomes 27,512.58.
- Yuan to dollars. Divide yuan per ounce by the number of yuan one dollar buys. At 6.6703, 27,512.58 yuan comes to $4,124.64.
- SGE's morning benchmark for November 10, 2026: 884.55 yuan per gram.
- Multiply by 31.1034768 grams in a troy ounce: 27,512.58 yuan per ounce.
- Divide by that day's ECB rate of 6.6703 yuan to the dollar: $4,124.64 per ounce.
- Set it against the last COMEX close before the fixing, $4,114.50 on November 9, 2026: +0.25%.
The steps above repeat the arithmetic with that day's inputs, so you can check it on a calculator. The exchange rate is a published reference rate, not the rate a bank would give you at a counter, and small differences in the rate used are one reason another site's converted figure may differ from ours by a few dollars.
Why we compare with the previous US close
The morning fixing in Shanghai happens in the late evening of the previous day in New York. When Shanghai sets its benchmark, the most recent finished COMEX session is the one that closed hours earlier, so that is the fair comparison: a settled number against a settled number, with the New York figure already known when Shanghai prices.
Comparing with the live US quote instead would mix in whatever moved after the fixing. On a quiet night that makes little difference; on a busy one it can swing the apparent premium by more than the premium itself. The premium here therefore means one thing only: the gap between SGE's morning benchmark, converted to dollars, and the last COMEX close before it was struck. The page on COMEX gold explains the futures contract on the US side of that sum.
The premium over the past year
Over the year shown, the gap has ranged from −3.06% at its lowest to +4.78% at its highest, with a median of −0.35%. Negative readings are a discount: days when gold in Shanghai, converted to dollars, cost less than in New York.
A chart like this is easy to over-read. A single day's figure includes some noise from timing and from the exchange rate. Runs of several weeks on one side of zero carry more meaning than any single day's print.
What the Shanghai Gold Exchange is
The exchange was set up in October 2002 by the People's Bank of China, with State Council approval, and the PBOC supervises it. Its gold benchmark trades under the code SHAU, quoted in yuan per gram with a minimum move of 0.01 yuan, in lots of 1 kg, with delivery two days after trade. What is being priced is 1 kg gold ingots with a minimum fineness of 999.9, and the exchange's Au99.99 contract supplies the reference price for matching.
The benchmark is set in two pricing sessions, one in the morning and one in the afternoon, each through one or more rounds. Under rules amended in 2019, the morning fixing is at 10:15 a.m. and the afternoon fixing at 3:00 p.m., Beijing time. The afternoon price serves as the settlement price for both sessions. We use the morning figure, which the exchange's own chart data labels 早盘价, the morning price; its daily table shows the same values under "Benchmark Price AM". SGE's chart series for the benchmark goes back to 19 April 2016.
Trading itself runs longer than the two fixings. SGE lists a night session from 20:00 of the previous day to 2:30, and a day session from 9:00 to 15:30, local time. The page on when the gold market opens puts Shanghai's hours beside London's and New York's.
Why Shanghai trades at a premium or discount
No official explanation exists among the pages we read. None of the PBOC, SGE or World Gold Council pages read for this site states why the Shanghai price sits above or below the international price. What follows is the set of reasons secondary sources and market commentary give, each tied to its source.
Import licensing. Under the 2015 text of China's rules on gold imports and exports, the People's Bank of China is the authority for cross-border gold, runs a licence system, and may limit import quantities according to macroeconomic needs. A later amendment exists that we have not read. If metal cannot flow in freely, local prices can stay apart from world prices for longer than arbitrage would otherwise allow.
A 2023 example. As reported by BullionVault in September 2023, the premium reached a record 6.3% after China began restricting new import licences in July of that year, against a median of 0.3% over the four years to June 2023. The same report linked the move to the yuan's fall and to money leaving the country. That is one publisher's reading of one episode, not a confirmed single cause.
Local demand and tax treatment. The gap can also run the other way. The World Gold Council wrote in December 2025 that the Shanghai-London spread was negative for half of October 2025, which deterred importers. China changed the value-added tax treatment of exchange-traded gold from 1 November 2025; the Council said the reform raised costs for jewelry while bullion sold by SGE members was not affected. Neither source puts a number on how much the tax change moved the spread.
The yuan. Because the converted price depends on the exchange rate, a sharp move in the yuan changes the dollar figure even when the yuan-per-gram price stands still. That part is arithmetic rather than market behavior, and it is why we print the rate beside the result.
How to read Shanghai headlines
When a report says "Shanghai premium hits a high," check three things before taking a view from it. First, which Shanghai price: the morning or afternoon benchmark, or a live contract. Second, which comparison price: the London benchmark, COMEX, or a spot feed, and at what hour. Third, which exchange rate. Change any one of those and the premium changes too, which is why two articles on the same day can quote different figures without either being wrong.
Headlines also tend to treat a wide premium as a sign of Chinese buying strength. It can be, but a premium can also reflect limits on bringing metal in. The same goes for a discount: it can signal weak local demand or an exchange-rate move. The size of the gap tells you that the two markets are apart, not on its own why.
China is also a large official holder. The World Gold Council put China's reported gold at about 2,366 tonnes, 8% of its reserves, in early September 2026, using data to the end of July, and named the People's Bank of China as the largest central-bank buyer in the third quarter of 2026, adding 63 tonnes. Central-bank buying is a separate channel from the exchange premium; the page on gold reserves by country lists holdings country by country.
What it means for a US buyer, and what it doesn't
For someone buying gold in the United States, the Shanghai price is context, not a price you can deal at. You cannot buy at the Shanghai benchmark from a US account, and a US dealer prices its coins and bars from the US and London markets plus its own premium, not from Shanghai.
What the premium does show is how strong or weak demand inside China looks against the rest of the world, filtered through import rules and the exchange rate. For the forces behind the 2026 fall in the US price, the page on why the gold price is dropping sets out the dated events, and how the global benchmarks themselves are formed is on the page about how the gold spot price is set.
This page can't tell you what the premium will do next, or whether a high or low reading says anything about the US price in the weeks after. It reports one dated benchmark, a conversion and a comparison, and it can't tell you the reason behind a given day's gap, because no primary source we read gives one.
If a retirement account holding physical gold is what you are researching, our page on Augusta Precious Metals lists what that company states about its service and who it suits. The current live spot chart shows the US-side price.
Information, not financial advice. This page does not tell you to buy or sell, and it does not forecast prices. Figures are reference values at the time shown.
Frequently asked questions
How do you convert the Shanghai gold price to dollars per ounce?
Take the price in yuan per gram, multiply by 31.1034768 to get yuan per troy ounce, then divide by the number of yuan one dollar buys. With that day's benchmark of 884.55 yuan per gram and a rate of 6.6703, the result is $4,124.64 per ounce.
Why is the Shanghai price compared with the previous day's COMEX close?
Shanghai's morning fixing happens during the late evening in New York, before the next US session has finished. The last completed COMEX close is the most recent settled US price at that moment, so comparing the two keeps both figures fixed rather than mixing a benchmark with a moving quote.
Can a US buyer purchase gold at the Shanghai price?
No. The Shanghai benchmark is set on a Chinese exchange in yuan for 1 kg ingots, and US dealers price from the American and London markets plus their own premiums. The Shanghai figure is useful as a reading of demand and conditions in China, not as a price you can transact at.
Sources
Every page a fact on this page came from, marked as the publisher's own page or a page that reports it, with the date we read it.
- lbma.org.uk (lbma.org.uk; the publisher's own page; read 2026-11-11)
- en.sge.com.cn (en.sge.com.cn; the publisher's own page; read 2026-11-11)
- en.sge.com.cn (en.sge.com.cn; the publisher's own page; read 2026-11-11)
- en.sge.com.cn (en.sge.com.cn; the publisher's own page; read 2026-11-11)
- en.sge.com.cn (en.sge.com.cn; the publisher's own page; read 2026-11-11)
- en.sge.com.cn (en.sge.com.cn; the publisher's own page; read 2026-11-11)
- en.sge.com.cn (en.sge.com.cn; the publisher's own page; read 2026-11-11)
- gold.org (gold.org; the publisher's own page; read 2026-11-11)
- faolex.fao.org (faolex.fao.org; the publisher's own page; read 2026-11-11)
- bullionvault.com (bullionvault.com; a page reporting it; read 2026-11-11)
- gold.org (gold.org; the publisher's own page; read 2026-11-11)
- fgk.chinatax.gov.cn (fgk.chinatax.gov.cn; the publisher's own page; read 2026-11-11)
- gold.org (gold.org; the publisher's own page; read 2026-11-11)
- gold.org (gold.org; the publisher's own page; read 2026-11-11)