Gold Soars on China Demand as Bitcoin Struggles to Keep Pace

Gold prices have reached their highest levels in six weeks due to strong demand from China. According to data from TradingView, gold gained 2.8% on Wednesday to hit $4,213 per ounce, its highest level since June 22. This surge is attributed to the continued inflows of Chinese domestic gold-backed exchange-traded funds (ETFs), which have seen 14 consecutive days of inflows.

Bloomberg reported that these products saw their worst month of outflows on record in June, but this year's inflows to Chinese ETFs have reached 40 billion yuan ($5.6 billion), making it the second-best H1 performance on record.

Eric Balchunas, a Bloomberg ETF analyst, noted that 66% of S&P 500 stocks are now above their 50-day moving average, with 57% beating the index's standard benchmark tracker.