Chinese gold bugs lift price premium over world market to record level

📆 2023/09/28 7:05:00
📰 MiningWeeklyAUS

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China’s suddenly full of gold bugs. The market for bullion in China has surged this month, at times commanding a record premium over international prices of more than $100 an ounce, compared with an average over the past decade of less than $6. On Wednesday, an ounce of gold in Shanghai cost $2 007, about 6% higher than the price in London or New York, according to calculations by Bloomberg.

It also marks a sharp reversal from earlier in the year, when China’s slowdown curbed interest in the metal as consumers responded to uncertain economic conditions by conserving cash.

Although import restrictions have been loosened, bullion should remain supported by firm demand, Standard Chartered analystFactor in China’s protracted property crisis, loose monetary policy and tumbling bond yields, and it’s no mystery why demand for a haven like gold would soar.

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