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Chinese pay premium prices for gold as economic outlook dims
By Momoka Matsumoto, Noriyuki Doi, and Hiroki Masuda
Nikkei, Tokyo
Wednesday, December 13, 2023
Strong demand in China has pushed the price of gold there above an international benchmark as investors worry about the economy and currency.
New York gold futures touched a record high of more than $2,100 per troy ounce this month and have hovered around $2,000 since then.
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Speculation that U.S. interest rate cuts are coming closer is one driver of the gold rally, but China is another.
A clear indication of the increased demand is the spread, or premium, shown by gold prices in China over the spot price in London, which is measured in dollars per troy ounce.
The spot price on the Shanghai Gold Exchange was around 470 yuan ($65) per gram as of Tuesday morning. That translates to a roughly $40 premium.
Gold prices in China were mostly below the international benchmark from the start of the year until early August but have since climbed into premium territory. ...
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