China’s Gold demand weakens as price reaches new record highs – Commerzbank
The upside potential in the Gold market may have been largely exhausted after the new record high of $2,600 per troy ounce, Commerzbank’s commodity analyst Barbara Lambrecht notes.
Gold posts another all-time high
“The price of Gold celebrated the Fed's large interest rate move with a new record high, touching $2,600 per troy ounce for the first time. After all, high prices also leave their mark on physical demand.”
“This was reflected, among other things, in the recent sharp fall in China's Gold imports, which fell to 44.6 tons in July, the lowest level in two years. Imports had already fallen sharply in the previous month.”
“New import quotas were allocated to Chinese banks in August, but buying interest is still unlikely to be too strong: jewelry demand is weakening, and only investment demand is intact. The fact that the Chinese central bank did not buy any Gold in August also suggests that Gold imports from Hong Kong will be low.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.