Commodities
China Gold Demand Surges as ETFs Attract Record Capital
The gold price in London and Shanghai remained relatively stable in July, but beneath the surface, gold investment activities in China showed positive signs.
A report by the World Gold Council (WGC) noted that the weakening US dollar and improved investor positions supported gold prices, offsetting pressure from rising bond yields.
The WGC's director of China research, Mr. Ray Jia, stated that the weakening USD and improved investor positions supported gold prices.
Gold prices in yuan exceeded the 60-day moving average for the first time since mid-March, reaching around 920 yuan/gram.