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Chinese gold imports fell by almost two-thirds on high prices
By Sybilla Gross
Bloomberg News
Monday, July 22, 2024
China's gold imports plunged last month, a sign that the nation's buyers are deterred by the precious metal's elevated prices amid a sluggish economy.
Purchases from overseas by the biggest bullion consumer fell nearly 60% to 58.9 tons, the lowest since May 2022, according to official data released Sunday.
The precious metal has hit a succession of all-time highs this year, setting the latest record last week on bets the Federal Reserve is getting closer to cutting interest rates. The falling Chinese demand has pushed Shanghai spot prices to a rare discount to the international benchmark this month. ...
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