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China issues new gold import quotas after pause, sources tell Reuters
By Ashitha Shivaprasad and Polina Devitt
Reuters
via Yahoo News, Sunnyvale, California
Friday, August 16, 2024
Several Chinese banks have been given new gold import quotas from the central bank, anticipating revived demand despite record high prices, four sources with knowledge of the matter told Reuters.
The new quotas, aimed at helping the People's Bank of China control how much bullion enters the world's leading consumer of the precious metal, were granted in August after a two-month pause largely due to slower physical demand in the wake of a bullish market.
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Spot gold has gained 21% so far this year, having hit successive record highs, striking a peak of $2,500.99 per ounce by 1354 GMT on Friday as the dollar weakened and markets increasingly see U.S. monetary easing on the horizon in September.
Strong Chinese buying was a key factor in bullion's March-April rally and if demand picks up again, it could further boost prices, analysts said.
"The quotas have been issued but the local premium to offshore is low so there is no guarantee that the quotas will be used until things improve," one of the sources said. ...
... For the remainder of the report:
https://finance.yahoo.com/news/china-issues-gold-import-quotas-141914527.html
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