(Bloomberg) — The unprecedented surge in gold prices to over $2,400 an ounce has captured the attention of global markets, with China playing a pivotal role in this remarkable rise. As tensions escalate worldwide and the possibility of reduced US interest rates looms, gold continues to shine as a safe haven investment. Chinese demand remains a driving force behind the rally, with various sectors such as retail, funds, futures, and even the central bank turning to gold as a reliable asset in times of uncertainty.
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While China and India have traditionally competed for the title of the world’s largest gold buyer, China took the lead last year with a significant increase in consumption of jewelry, bars, and coins. Chinese demand for gold jewelry surged by 10%, contrasting with a 6% decline in India. Additionally, investments in Chinese gold bars and coins saw a remarkable 28% increase.
Experts believe that there is still considerable potential for further growth in demand, as evidenced by…
2024-04-20 20:00:00
Link from finance.yahoo.com
