China Gold Association: Responding to U.S. sanctions and LBMA's suspension of gold enterprises in Xinjiang
The China Gold Association issued a stern statement regarding the U.S. Department of Homeland Security's inclusion of certain domestic gold enterprises in the "Uyghur Forced Labor Prevention Act" (UFLPA) entity list, which led to the London Bullion Market Association (LBMA) suspending the qualified delivery status of related enterprises. The association stated that the U.S. "forced labor" accusations lack factual basis and are an attempt to politicize human rights issues and promote trade protectionism.The LBMA, without sufficient factual verification, accepted false information and suspended qualifications, harming the legitimate rights and interests of Chinese gold enterprises and disrupting the stability of the global gold market. The association stated that the Chinese gold industry chain has the ability to withstand external risks and will work together with the industry to protect rights, strengthen compliance self-discipline and traceability system construction, and support the Chinese government in taking necessary countermeasures, urging the U.S. to lift sanctions and calling on the LBMA to correct related decisions.
