China Gold Prices Plunge the Most Since 2020, Curbing Record Premium
- Shanghai premium to international prices falls to $10 an ounce
- Beijing’s curbs on gold imports had helped fuel gold rally
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Gold in China dropped the most in three years after Beijing permitted more imports, all but closing the gap with international prices that’s persisted for weeks.
The precious metal fell 3.8% on the Shanghai Gold Exchange, with losses accelerating toward the end of the trading day. It follows a months-long rally in local prices, which created a record premium to gold outside of the country.