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Monday, May 27, 2024

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China Ramps Up Gold Buying Spree

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China shipped in more than 80 tons of gold from Switzerland last month, media company Bloomberg reported on Thursday. Bloomberg cited data from the Swiss Federal Customs Administration. The quantity is reportedly more than double the June total, and eight times more than in May.

The surge in gold imports to a five-year high indicates that Chinese demand for the precious metal is picking up. This comes after a lull in gold trade to Covid lockdowns in China’s major cities.

“The market’s still not great, but it’s definitely a lot better than it was in April,” Nikos Kavalis, managing director at Metals Focus consultancy, explained to Bloomberg.

The report highlighted that Chinese prices for gold carry a premium of roughly $7 compared to international prices, encouraging investors in China to step up imports, which requires a state-issued license.

Global gold prices slipped below $1,700 an ounce in July. It was more than $2,000 earlier in the year, but rising interest rates triggered selling by Western investors.

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