Inflation & Prices
Gold’s Record Surge Dampens China’s Holiday Shopping Enthusiasm
- Retailers report weak demand during traditional buying period
- Bullion broke through $2,600/oz this week after Fed rate cut
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Gold’s months-long, record-breaking surge is keeping consumers at bay in China, tarnishing what should be one of the busiest times of the year for jewelry retailers in the world’s biggest buyer.
Spot bullion prices pushed beyond $2,600 an ounce for the first time this week, after Federal Reserve Chair Jerome Powell cut interest rates by half a point and signaled the start of an easing cycle. Gold has rallied by just over a quarter so far this year.