And yet, we’re still seeing gold push to record highs. What happens when the Chinese jump back into the market with both feet? Another record Gold set another new record on Thursday as investors drool over the prospect of an interest rate cut next week. The gold price climbed by about 1.8 percent, peaking at around $2,559 per ounce. By early Friday morning, the yellow metal was up nearly $8 at $2,577.
” A sagging Chinese stock market, along with real estate prices, pushed many investors into the safety and stability of gold. But as prices hit record highs and regulators put some shackles on futures trading, Chinese gold demand cooled over the summer, putting the global gold rally on hold. In May, the People’s Bank of China stopped reporting increases in its gold reserves, and physical demand slumped.
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Source: CNBC - 🏆 12. / 72 Read more »