THE SHORT ANSWER
“China gold price” can mean four different numbers
Start by identifying the number: an international XAU/CNY conversion, the Shanghai Gold Benchmark Price, an SGE product such as Au99.99, or a retail bullion or jewelry quote. All may be expressed in renminbi per gram, but they have different instruments, timestamps, fineness, settlement and transaction costs. GoldObserve calculates the international reference and lets you enter official or written local quotes without pretending they are the same data.
Fine-gold value per gram with source and time.
Wholesale one-kilogram 999.9 contract.
Gold content before workmanship and stones.
Executable product prices, captured together.
LIVE CNY GOLD WORKSHEET
Compare like with like, and leave missing quotes empty
The tool begins with a live provider-labelled international CNY reference. Select gross grams and documented fineness to calculate fine-gold value. If you have a dated SHAU observation or written dealer quotes, enter them separately. No local exchange or dealer figure is generated from a default.
Price reference
Shows the source and observation time of the metal price used here. Product premiums, dealer quotes and taxes are separate.
- Source
- No provider
- Observed
- Observation time unavailable
- Age
- Checking age…
- Delivery
- No data layer available
Checking the current market reference.
No SGE or dealer quote is invented. Optional fields stay empty until you enter a same-time observation from the official exchange or a written dealer quote. SHAU is a wholesale benchmark contract, not a retail jewelry price.
Enter a positive market price, weight and valid fineness. Optional quote fields must be positive when used.
PRICE LAYERS
One “yuan per gram” label does not make prices interchangeable
SHANGHAI GOLD BENCHMARK
SHAU is a physical wholesale benchmark, not a jewelry board
The Shanghai Gold Exchange rules specify SHAU in yuan per gram with a minimum price move of CNY 0.01 per gram. One lot is one kilogram. Delivery is delivery-versus-payment on T+2, and deliverable bullion is a recognized one-kilogram ingot with minimum fineness of 999.9. The benchmark process iterates reference prices until buying and selling interest reaches the required balance and matched orders execute at the benchmark.
These contract facts explain why a retail comparison needs caution. A ten-gram jewelry item is not the one-kilogram SHAU deliverable. If SHAU is above or below an international CNY conversion, the observed gap can reflect time, FX, location, form, access, settlement and local demand. Pair observations from the same moment before calling the difference a Shanghai premium or discount.
FINENESS
足金 is a minimum standard, not another word for 999.9
China's national standard GB 11887-2012, reaffirmed with a revision conclusion in 2024, governs precious-metal jewelry fineness and naming. Current Shanghai market-regulator consumer guidance explains the practical thresholds: 足金 begins at 990‰, 22K at 916‰ and 18K at 750‰. A 999 or 999.9 product contains more fine gold per gross gram than the 990 minimum.
Use the product label, invoice and credible inspection evidence. Color, marketing words or a shop's per-gram board cannot establish the item's actual fineness.
RETAIL JEWELRY
Separate gold weight from workmanship and non-gold components
Clarify whether the quoted grams exclude stones, clasps, solder or accessories.
Convert gross eligible grams into fine-gold grams before comparing metal value.
Record whether labor is charged per gram, per piece, or inside a single retail price.
Ask whether the dealer uses gross weight, tested fine weight, deductions or a separate board.
A lower displayed gold rate can be offset by a higher per-piece charge. A high purchase rate can also be less costly over a full round trip if the same product has a materially stronger buyback bid. Compare the invoice total and same-time exit value, not one headline number.
CURRENCY AND TIMING
Local gold can rise when USD gold is flat
If renminbi weakens against the US dollar while USD gold is unchanged, the translated CNY reference rises. If renminbi strengthens, it can offset part of a USD-gold increase. The exact local result also depends on which FX source and time are used. Do not compare a current SHAU observation with yesterday's international close and interpret the entire difference as a physical-market premium.
BUYER CHECKLIST
Record enough evidence to reproduce the transaction
01Write down product name, gross grams, documented fineness and any excluded non-gold weight.
02Capture international source, FX basis, observation time and exact CNY-per-gram formula.
03When using SGE data, record contract code, AM or PM field, trade date and whether the quote is delayed.
04Separate metal rate, workmanship, brand or design charge, payment charge and delivery cost.
05Obtain a same-time written buyback bid and its testing, deduction, settlement and invoice conditions.
06Keep invoice, label, assay or inspection evidence, serial information and refund or custody terms.
PRIMARY SOURCES AND DATA BOUNDARY
Official exchange and standards sources define the page
- Shanghai Gold Exchange SHAU launch announcement for the centralized benchmark process, yuan-per-gram quote and lot structure.
- SGE Detailed Rules on Benchmark Price for one-kilogram lots, 999.9 minimum fineness, T+2 physical delivery and contract specifications.
- SGE benchmark data page for users to inspect the official delayed SHAU observations and their dates.
- SGE Gold Ingot Standard SGEB1-2019 for Au99.99, Au99.95, Au99.9 and Au99.5 designations and standard ingot weights.
- National standard GB 11887-2012 record for the current compulsory jewelry fineness and naming standard.
- Shanghai market-regulator jewelry guidance for the 足金 990‰, 22K 916‰ and 18K 750‰ thresholds and labeling checks.
- GoldObserve data methodology for provider timestamps, FX translation, unit normalization, unavailable states and rounding.
GoldObserve does not scrape or republish SGE observations, invent a “China premium,” guarantee a retailer, authenticate an item, provide tax or legal conclusions, or fabricate CNY history. The page's live reference is an international XAU/CNY conversion. Local benchmark and dealer fields remain empty until the user enters verified observations.
RELATED TOOLS
Move from the local gram rate to product economics
FAQ
China gold price questions
How is the gold price per gram in China calculated?
For an international reference, divide the source-labelled XAU/CNY price per fine troy ounce by 31.1034768. For an item below pure gold, multiply by documented fineness and gross eligible weight. Retail price can still include workmanship, brand, tax treatment and dealer margin.
What is the Shanghai Gold Benchmark Price?
The Shanghai Gold Exchange describes SHAU as a centralized benchmark-price process quoted in yuan per gram. The contract trades in one-kilogram lots, settles delivery-versus-payment with T+2 delivery and uses recognized one-kilogram gold ingots of at least 999.9 fineness.
Does GoldObserve publish a live SHAU price?
No. GoldObserve publishes a source-labelled international XAU/CNY conversion. The SHAU field is optional and user-entered so an official, dated SGE observation can be compared without scraping, copying or silently relabelling exchange data.
Why can SHAU differ from international gold converted to CNY?
The two observations can differ because of timestamp, exchange rate, location, deliverable form, local supply and demand, settlement, market access and trading conditions. A premium or discount is descriptive for the selected pair of observations, not a permanent market rule.
What does 足金 mean?
China's current compulsory jewelry fineness standard GB 11887-2012 and its amendment use 足金 for a minimum gold fineness of 990 parts per thousand. It is not identical to 999 or 999.9 bullion, so use the marked and verified fineness.
Are 22K and 18K recognized fineness levels in China?
Shanghai market-regulator consumer guidance cites minimum fineness of 916 parts per thousand for 22K gold and 750 for 18K under the national standard. The actual item still needs a compliant label and inspection evidence.
Is an SGE benchmark the price of a gold necklace?
No. SHAU is a wholesale benchmark contract for specified bullion. A necklace quote can add design, labor, brand, stones, distribution and other retail costs. Its buyback method may also exclude some gross weight or deduct testing and refining costs.
How should I compare Chinese dealer gold quotes?
Capture the same product, gross weight, documented fineness, payment method, ask, buyback bid and timestamp. Separate any per-piece workmanship charge from a per-gram quote, and ask how stones, solder, accessories, testing and invoice terms affect buyback.