PBOC: Shanghai Gold Au(T+D) closed at 906.6 yuan/gram end-Sept, down 5.7% m/m

The divergence is the story: spot-linked Au(T+D) volumes rose year on year even as the contract price fell month on month, while futures turnover on the SHFE contracted sharply. That split suggests positioning shifting between venues rather than a uniform retreat from Chinese gold exposure, a distinction worth noting for anyone tracking how domestic demand absorbs softer prices. Whether the SGE volume strength and the futures decline reflect a lasting venue rotation or a one-month quirk is the open question.