China’s Gold Prices Surge, Hitting a Record Against the World
- Property crisis, falling yuan and tumbling yields boost demand
- Focus switches to Golden Week to see if consumption continues
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China’s suddenly full of gold bugs.
The market for bullion in China has surged this month, at times commanding a record premium over international prices of more than $100 an ounce, compared with an average over the past decade of less than $6. On Wednesday, an ounce of gold in Shanghai cost $2,007, about 6% higher than the price in London or New York, according to calculations by Bloomberg.