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.
The so-called Shanghai premium started rising in June, a response in part to import curbs imposed by the People’s Bank of China, which may have been trying to shore up the value of the yuan by shrinking the need for dollars to buy gold. But now, the currency’s plunge is having the opposite effect, as investors chase dollar-denominated assets to preserve value.
Factor 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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