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Plug the reading into the formula: $4,033.2/oz × 31.1035 ÷ CNY exchange rate ≈ yuan/gram. Multiplying 4,033.2 by 31.1035 gives the CNY-denominated basis per ounce; dividing by the day's CNY/USD rate yields the theoretical yuan/gram value of the international gold price. Compare this theoretical value with SHFE AU at 860.7 yuan/gram (2026-10-30 night-session close): the difference is the so-called SHFE premium or discount — a domestic price above the converted value is a premium, below it a discount. Two caveats: first, the COMEX reading is as of the 2026-10-29 close while the SHFE reading is as of the 2026-10-30 night-session close, so the two timestamps differ and the spread will include the effect of overnight moves in international gold; a rigorous comparison should use the same timestamp. Second, the exchange rate itself fluctuates — DXY printed 101.929 on 2026-10-30 — and moves in the dollar index change the CNY-converted value of international gold, so when interpreting the spread you should strip out the currency factor separately rather than treating FX swings as demand shifts.
The SHFE premium/discount is a window into differences between domestic and overseas demand. A persistent premium of SHFE gold over the converted international price usually means domestic physical or investment demand is relatively strong — domestic buyers are willing to pay above the converted international price, common during domestic consumption peaks, heightened domestic safe-haven sentiment, or periods of import friction. A discount, conversely, indicates domestic demand is relatively weak versus international, or domestic supply is ample. Interpretation should also factor in the macro backdrop: US CPI is up 3.7% y/y, PPI 6.34%, and core PCE 3.12%, so inflation pressure persists; the 10Y Treasury yield is 5.0% (20-day change -32bp), the fed funds rate ceiling is 4.0%, and market pricing for the 2026-12-10 FOMC is 76% hike / 24% hold / 1% cut. These factors influence international gold via real rates and the dollar path, while the domestic premium is mostly determined by local supply and demand; the two combined form SHFE gold's full pricing logic. Recently COMEX fell -1.17% on the day and SHFE -1.02%, with both markets declining in the same direction, suggesting this round of volatility is mainly driven by international factors and the domestic premium structure is relatively stable.
First, fix the formula, refresh the inputs. The conversion constant of 31.1035 grams per troy ounce never changes, but the dollar gold price and the CNY rate change daily — recalculate with each day's closing prices rather than reusing an old conversion. Second, align the timestamps. The COMEX $4,033.2/oz cited here is the 2026-10-29 close and the SHFE 860.7 yuan/gram is the 2026-10-30 night-session close; for cross-market comparisons always confirm both sides are from the same trading session, otherwise the spread gets contaminated by the time gap. Third, distinguish the drivers. In the current driver ranking, the Treasury yield trend (+68) carries the most weight, followed by central bank gold buying (+311 tonnes over the past 12 months, through 2026-08) and the US debt burden (debt/GDP 121.2%, 2026-Q2) — these are international pricing factors shared by both markets, while the SHFE premium is a local factor; keep the two separate. This page will keep updating conversion examples and spread interpretation; for daily domestic-versus-international comparisons, return to the xaudaily.com homepage for live data.
Use the formula: $/oz × 31.1035 ÷ CNY exchange rate ≈ yuan/gram. The 31.1035 is the number of grams in one troy ounce — multiply by it to convert ounces to grams, then divide by the CNY rate to convert dollars to yuan. For example, with COMEX at $4,033.2/oz (2026-10-29 close), multiply by 31.1035 and divide by the day's rate to get the theoretical yuan/gram value corresponding to the international quote, for comparison with SHFE's 860.7 yuan/gram.
The SHFE premium is the amount by which SHFE gold prices exceed the international gold price converted at the exchange rate. For example, after converting COMEX $4,033.2/oz into yuan/gram, if SHFE's 860.7 yuan/gram is above that converted value, the difference is the premium; if below, a discount. A premium typically reflects relatively strong domestic demand versus international, a discount relatively weak — it is the core indicator for observing demand differences between the domestic and international markets.
Three reasons: first, different units — international quotes are in $/oz while domestic quotes are in yuan/gram, requiring conversion via 31.1035 g/oz; second, the exchange rate moves — swings in CNY/USD change the converted value, and with DXY at 101.929 on 2026-10-30, dollar-index moves affect both sides; third, different timestamps — the COMEX reading here is the 2026-10-29 close while SHFE is the 2026-10-30 night-session close, and overnight moves also create differences.
A high premium generally indicates relatively strong domestic physical or investment demand, with buyers willing to pay above the converted international price to source domestically — common during domestic consumption peaks or periods of heightened safe-haven sentiment. It can also reflect temporarily tight domestic supply due to import friction. When judging, strip out the currency factor and confirm with volume and inventory data; don't draw conclusions from the premium alone.
A discount usually points to domestic demand being relatively weak versus international, or to ample domestic supply, but it shouldn't be equated outright with weak demand. During rapid FX swings or sharp moves in international gold, the domestic market can react with a lag, producing brief discounts. Watch whether the discount persists: a persistent discount better signals a divergence in domestic-versus-overseas demand, while a one-off discount is more likely a trading lag.
Absolutely. The divisor in the formula is the CNY exchange rate, and every change in the rate alters the yuan/gram value converted from the same dollar gold price. For example, DXY printed 101.929 on 2026-10-30; the dollar index's path affects the CNY rate and thus the CNY-converted value of international gold. When interpreting the SHFE premium, remove the FX effect first — what remains reflects the true domestic-versus-international spread.
US CPI is up 3.7% y/y, core PCE 3.12%, and PPI 6.34%, so inflation pressure hasn't faded; the 10Y Treasury yield is 5.0% with a 20-day change of -32bp; the fed funds rate ceiling is 4.0%, and market pricing for the 2026-12-10 FOMC is 76% hike / 24% hold / 1% cut. Real rates and the dollar path are the dominant drivers of international gold, while central bank net purchases of +311 tonnes over the past 12 months (through 2026-08) and US debt/GDP at 121.2% (2026-Q2) provide medium-to-long-term support.
Each day, take the COMEX close and the SHFE close from the same timestamp, compute the converted price as $/oz × 31.1035 ÷ CNY rate, subtract from the SHFE price to get the spread, and record it continuously as a series. A persistently positive and widening spread signals strengthening domestic demand; a persistently negative one, weakness. Make sure both closes are time-aligned, and log FX moves separately to avoid misreading currency swings as demand changes.
The main differences are pricing and delivery: COMEX is priced in $/oz with international-standard gold as the underlying, while SHFE AU is priced in yuan/gram with domestic-standard ingots, whose physical circulation is confined to the domestic system. The two prices are linked through conversion and arbitrage, and the spread is the SHFE premium/discount. Using the 2026-10-29/30 readings, COMEX printed $4,033.2/oz and SHFE 860.7 yuan/gram; after conversion they can be compared directly.