Gold prices have been rising globally this year, with China’s gold market leading the charge in October, according to a recent report from the World Gold Council.

The London Bullion Market Association (LBMA) gold price (in U.S. dollars) in the morning increased 4.9 percent, while the Shanghai Gold Benchmark (in Chinese yuan) in the afternoon surged 6.7 percent, driven primarily by a weaker Chinese currency.

However, gold withdrawals from the Shanghai Gold Exchange (SGE) fell by 6 percent month-on-month to 107 tons, attributed to weaker demand during the Golden Week and high stock levels carried over from previous months.

In contrast, demand for Chinese gold exchange traded funds (ETFs) surged, with a record RMB 13 billion (US$1.8 billion) inflow in October, lifting total assets under management to RMB 69 billion (US$10 billion). This spike in ETF demand reflects growing investor confidence in gold, further supported by a 32 percent month-on-month increase in gold futures trading volumes at the Shanghai Futures Exchange.

Meanwhile, in the Philippines, gold production, along with total volume and value, dropped by 14 percent and 3 percent year-on-year, respectively, in the first quarter.

According to the Mines and Geosciences Bureau, the country produced 7,178 kilograms of gold valued at P26.95 billion, down from 8,381 kilograms worth P27.91 billion during the same period last year.

As one of Southeast Asia’s leading gold producers, the Philippines is working to attract more mining investment. The government is also pushing for stronger regulations to curb gold smuggling and ensure that the local market benefits from rising global gold prices.