China's significant role in the global gold market has intensified as the country's unrelenting demand continues to drive gold prices to record highs. Over the last two years, China's overseas gold purchases have surpassed 2,800 tons, exceeding the total metal backing ETFs globally and constituting about a third of the stockpiles held by the US Federal Reserve. This surge in demand has pushed gold prices above $2,400 an ounce, with the premium for Chinese importers reaching $89 per ounce at the start of April, a substantial increase from the previous year's $35. The Chinese central bank has been particularly active, buying gold for 17 consecutive months. This robust demand comes amid a broader context of rising commodity prices and concerns over currency devaluation, with China also increasing its imports of other commodities like copper. Goldman Sachs has raised their gold price forecast to $2,700 per ounce by year's end, highlighting the impact of increased central bank demand and retail interest. Since 2020, gold has appreciated by over 30%.
#Explained | How China is driving gold price surge. NDTV's @SakshiBajaj19 with more details. #GoldPrices #China https://t.co/JA70kt7gLI
People in China are so spooked about the economy that even the weak yuan isn't stopping them from buying more gold https://t.co/IoJan2vrx2
China's rising imports of commodities, especially Cooper and Gold, are very likely linked to CNY sentiment. It is expected the front running of USCNY's weakness Copper is widely used by corporates to rehypothecate for loans.
Is China preparing an imminent FX devaluation? The price action looks striking reminscent of 2014/2015 ahead of the managed devaluation of CNY. Full story: https://t.co/sILjD21UGs https://t.co/C0yIRBss3R
Ruing or happy about #gold’s record-breaking rally? #China is front and center of gold price surge https://t.co/a2GPU9re0y
Copper Nears $10,000 as Investors Bet on Rising Global Demand https://t.co/GBUfNACLfa
something tells me it is not paper China Is Front and Center of Gold's Record-Breaking Rally https://t.co/ikEVGEE918.
Copper edged closer to $10,000 a ton after in a rally fueled by bets that a recovering global economy will lift demand for industrial materials https://t.co/OWC8Dc0nE6
⚡Shanghai #Tin futures open up 4.6% on Monday morning, to a fresh high since May 2022. #Nickel +3.5%, #copper +1.9%, #zinc +0.6%, #aluminum +0.5%. #Gold -0.4%, #silver -0.3%. #IronOre -0.23%, #steel rebars -0.33% INE crude oil drops 1.8%, the lowest in a month. #China #OOTT https://t.co/U4uP2viQiA
#GoldmanSachs raises outlook to $2,700 per ounce 📈 Goldman Sachs has raised their prediction to $2,700 per ounce by year's end due to factors like increased central bank demand and retail interest, particularly from China and U.S. investors. https://t.co/ACjQEQAPfO
"juicing the [gold] rally is unrelenting Chinese demand, as retail shoppers, fund investors, futures traders and even the central bank look to bullion as a store of value in uncertain times." https://t.co/7KzGkSJQCa
China Is Front and Center of Gold’s Record-Breaking Rally: https://t.co/An5KZvtxzk $GLD $XAUUSD https://t.co/XWhi8rdI1M
Since the implementation of a series of risk control measures from April 12 onwards, the holdings of #gold futures in #China have remained stable, but the trading volume has dropped by over 40%. Meanwhile, the positions and trading volume of Shanghai #copper have not changed… https://t.co/hITlzi1v7F
The currency devaluation of USD. These commodities and gold are much more valuable than treasuries paying only 5%. It also allows China to reduce the volatility of commodity prices which is a big benefit to the global economy if successful. I assume they are decent traders. https://t.co/NJ8KJfpPR0
'In the last two years, China's overseas gold purchases totaled over 2,800 tons — more than all of the metal that backs ETFs around the world, or about a third of the stockpiles held by the US Federal Reserve.' https://t.co/0GNhD72ZB3 https://t.co/4JaVooPNjc
Nice BB article highlighting how sharp demand from China driving gold prices higher. Still on net negative flows into $gld in the last month as gold prices surged. https://t.co/5SMTNpNSLA https://t.co/tYu7TYYgCu
So true. They buy despite weak yuan given they are fearful of the devaluation of their own currency and buying power. #GOLD is a proven inflation hedge. Even for US investors, gold is now up 30%+ since 2020 while #Inflation has risen 20%+. https://t.co/F6BQaYX7cf
The recent gold rise looks little to do with concerns about US monetary policy. When you look at the flows, it is pretty clear it is much more driven by demand in the East moreso than in the West. w/ @AndreasSteno https://t.co/TJQRov4wVM
China is stockpiling everything from Copper to Oil to Nickel to Iron Ore. That's what you do AHEAD of a currency devaluation. China is preparing something major. More -> https://t.co/sILjD21UGs https://t.co/ZgxJ8IeeZV
Many have turned to gold due to its traditional ability to hedge against inflation and offer portfolio diversification. Investing in the "safe-haven asset" hit an 11-year high last summer, and it has broken numerous price records just since March 1. https://t.co/SCpsCwysLE https://t.co/9fF0l07fUe
China and India have typically vied over the title of world’s biggest gold buyer. But that shifted last year as Chinese consumption of jewelry, bars and coins swelled to record levels. China’s gold jewelry demand rose 10% while India’s fell 6%. Chinese bar and coin investments,… https://t.co/qZc5Zi3FM9
SCMP: "Unrelenting Chinese demand from consumers, investors, and the central bank has pushed gold to all-time highs above US$2,400 an ounce. The premium paid by Chinese importers jumped to US$89 an ounce at the start of April, compared with US$35 over the past year and the…
#China Is Front and Center of Gold’s Record-Breaking Rally Central bank has been on a buying spree for 17 straight months Demand remains buoyant despite record prices and weaker yuan https://t.co/GC2KuSWVvI
Gold in China https://t.co/VG67xsnXq2
Gold’s rise to all-time highs above $2,400 an ounce is being propelled by unrelenting Chinese demand from retail shoppers, fund investors, futures traders and especially the central bank https://t.co/MWWSTa6YwA
The rise in global Purchasing Managers' Index (PMI) above 50 is a positive sign for manufacturing activity and future commodity demand. Copper prices reaching their highest level since June 2022 indicates increased demand for industrial metals, which historically correlates with… https://t.co/PdI4gFYls4
The current market movements do seem quite disjointed and unusual, suggesting a lack of consensus among investors about the economic outlook. This could be due to various factors, including geopolitical tensions, inflation concerns, and shifting perceptions about the future of… https://t.co/hsnlv4Hss7
Gold has been trading in a world of its own over the past several months. The yellow metal has soared by almost 30% in just six months, outperforming the S&P 500 by a wide margin. As inflation returns and geopolitical tensions worsen, gold is hitting new records. Meanwhile,… https://t.co/Ba9j9KhVUC
#Gold toward $3,000, #crudeoil $50? The market/human nature pendulum is swinging back a bit, it’s a question of how much. Multidecade lows in US #stockmarket volatility vs. high rates, and much lower government #bond yields in much of the rest of the world, notably #China, may… https://t.co/jjebn22Shu
#China home prices are down 29 out of the last 32 months. The reported declines add up to over 10%. China's currency, the yuan, has declined as well. #Gold is up 46% in yuan since the house price collapse started. In case you were wondering why the Chinese are buying gold. https://t.co/ROXwtfr4Vo