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Chinese demand helps sustain gold over $4,000
China experienced significant interest from investment institutions in purchasing gold when its prices declined, helping to support the precious metal and maintain its stability above the $4,000 per ounce level. Chinese gold exchange-traded funds (ETFs) recorded continuous positive cash inflows for 14 days, the longest such period in months, driven by the decline in stock market valuations, especially with the CSI 300 index dropping about 8% in July. Analysts explained that the fall in gold prices to around $4,000 made it more attractive as a safe haven, particularly amid stock market volatility, despite the previous decline of the metal due to inflation fears and interest rate hikes. Additionally, gold prices on the Shanghai Stock Exchange rose compared to London prices, prompting local banks to increase import activities and quickly clear stocks, which contributed to supporting gold prices against global market pressures.
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