Chinese Buying Set the Stage for Gold’s Latest Record Run
- Chinese consumers and central banks have bolstered gold market
- Timing of Fed pivot to cutting rates remains key gold driver
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This week’s gold rush may have been triggered by bets on the US Federal Reserve’s long-anticipated pivot to looser monetary policy, but the foundations for the record rally were laid in China.
After months of mostly treading water, the gold market suddenly sprang to life last Friday. Prices breached December’s record on Tuesday and have jumped to successive daily highs ever since.