Gold Soars Past $4400 as China's Demand Keeps Rising
Gold prices surged to over $4400 per ounce for the first time in more than two months, driven by strong demand from China. The rise comes as global stock markets reached a new all-time high on the MSCI World Index.
The Shanghai benchmark price for gold bullion set its highest level since June 5, extending last week's 5.4% gain by another 3.1%. However, this increase lagged behind the move in prices for London settlement, resulting in a softer demand versus supply ratio in China, the world's largest consumer of gold.
The China Gold Association reported that total gold demand increased by 1.2% year-on-year across the first six months of 2026. Investment gold bars and coins saw a significant growth of 28.4%, while jewelry demand plummeted by 33.9% from the same period in 2025.
Adrian Ash, director of research at BullionVault, notes that strong investment demand for gold has made it a popular product among private investors, but high prices have led to a decrease in industrial gold consumption due to increased costs for enterprises.