Gold Dips Below $4300 as China Imports Soar and Oil Prices Drop

The price of Gold dipped on Tuesday, briefly slipping below $4300 per troy ounce before rallying as China's gold bullion imports hit the headlines.

Crude oil prices also dropped after news of easing supply pressures from the Middle East war. November futures for Brent crude fell through $100 per barrel after topping that level for almost 2 weeks, following reports that Saudi Arabia is about to re-open its key east-west Petroline.

Gold bullion imports to China have topped 1,000 tonnes so far this year, costing a record sum. The cumulative surplus of supply over demand across the past decade stands at 3,862 tonnes, according to bullion-market analyst Rhona O'Connell.