Searches for the “Shanghai Gold Exchange silver price” often lead to numbers that look far larger than an international silver quote. The reason is usually the unit. SGE silver contracts such as Ag(T+D) are commonly shown in Chinese yuan per kilogram, while global silver screens often use US dollars per troy ounce.
A meaningful comparison requires three things: the correct SGE contract, a unit conversion and an exchange rate observed at a compatible time.
Which Shanghai silver price are you looking at?
The Shanghai Gold Exchange lists more than one silver product. Ag(T+D) is a deferred silver contract and Ag99.99 is a physical silver product. They have different trading arrangements and can show different prices. A page that says only “Shanghai silver price” without naming the contract is incomplete.
GoldSilver Tracker uses the available SGE Ag(T+D) close when building its silver comparison series. The source contract and observation date matter because this is not automatically the same thing as an international spot silver quote.
From CNY per kilogram to USD per troy ounce
One kilogram contains approximately 32.1507466 troy ounces. If the SGE quote is expressed in CNY per kilogram, first divide it by that number:
CNY per troy ounce = CNY per kilogram ÷ 32.1507466
Then convert yuan into dollars using a USD-per-CNY exchange rate:
USD per troy ounce = CNY per troy ounce × USD per CNY
For a worked example, suppose Ag(T+D) closes at CNY 12,000 per kilogram and the matched exchange rate is USD 0.14 per CNY. The converted value is approximately:
12,000 ÷ 32.1507466 × 0.14 = USD 52.25 per troy ounce
The figures above are an illustration, not a current market quote. Use the actual trade-date close and the exchange rate retained for that date.
How the premium is calculated
After converting both prices to USD per troy ounce, a simple comparison with a benchmark can be written as:
(SGE converted price − benchmark price) ÷ benchmark price × 100
A positive result means the converted SGE observation is above the selected benchmark observation. It does not prove that metal can be bought in one location, moved and sold in the other for that percentage profit.
Four common sources of error
- Using grams instead of kilograms: a silver quote of thousands of yuan is usually not CNY per gram.
- Mixing timestamps: an SGE close and a later US futures quote can contain hours of market movement.
- Reversing the FX rate: CNY per USD and USD per CNY are reciprocals, not interchangeable inputs.
- Ignoring contract differences: Ag(T+D), physical silver, spot silver and futures are related but distinct instruments.
Why the Shanghai silver premium can remain different
Even a correct currency conversion does not remove differences in contract terms, tax treatment, financing, trading hours, delivery rules, purity, location and local supply-demand conditions. The calculated premium is therefore a comparison indicator, not a guaranteed arbitrage return.
How to verify the number on this site
Open the silver page, select the SGE series and check the source label and timestamp. For historical points, compare the date shown in the tooltip with the SGE daily report and the exchange-rate date. Missing source or FX observations are left blank rather than silently replaced with a value of one.
Official references
Related Posts
Ten Questions About Our Premium Data
Ten questions readers are likely to have when using our premium data, with direct answers — how the numbers are built, what "Estimated" means, what we do not cover, and who runs the site.
How to Use GoldSilver Tracker: Complete Guide
A step-by-step guide to using GoldSilver Tracker for monitoring gold and silver premiums across global exchanges.