Gold Soars on Chinese Demand as Bitcoin Lags Behind

Gold prices have reached their highest levels in six weeks due to increased demand from China. According to Bloomberg, domestic gold-backed exchange-traded funds (ETFs) have seen 14 consecutive days of inflows. This surge in demand has helped push the price of gold above $4,200 per ounce.

The World Gold Council reported that Chinese ETFs saw their worst month of outflows on record in June, with year-to-date inflows falling to 40 billion yuan ($5.6 billion). However, this is still the second-best H1 performance on record.

Meanwhile, US stocks remained strong on the day, with the S&P 500 index building on its all-time highs. The index reached 7,793, and 66% of S&P 500 stocks were above their 50-day moving average.

Bitcoin, however, failed to keep up with the broader risk-asset optimism seen in equities. It has remained wedged at $64,000, despite the price of gold reaching its highest levels in six weeks.