Commodities
Home›Commodities›Precious Metals›Gold tops $4,300 as China demand lifts bullion to June…
Gold tops $4,300 as China demand lifts bullion to June peak
Gold rose about 4% on Aug. 5, helped by 14 straight days of inflows into Chinese gold-backed ETFs and additional purchases by the People’s Bank of China and global central banks.
Gold surged above $4,300 per ounce on Aug. 5, gaining about 4% and reaching its highest level since June, as renewed Chinese demand and easing inflation concerns supported bullion, according to Yahoo Finance.
TheStreet said Chinese gold-backed exchange traded funds logged 14 consecutive days of inflows through Aug. 3, their longest streak since March, helping stabilize prices after a sharp second quarter correction. Official-sector buying also remained strong, with the People’s Bank of China adding 33 tonnes of gold in the second quarter, its largest quarterly purchase since late 2023, and global central banks buying a net 288.9 tonnes over the same period, based on World Gold Council data.
The article linked the rally to signs of progress in U.S.-Iran talks, which pressured oil prices and reduced concerns that higher energy costs could bring inflation back up, potentially keeping the Federal Reserve restrictive. It also cited lower Treasury yields as another tailwind for gold, given that the metal does not pay interest and typically becomes more attractive when bond yields fall.
While gold attracted buyers, crypto markets were comparatively subdued on Aug. 5, with Bitcoin and major altcoins posting modest gains after a difficult second quarter, Yahoo Finance reported. Bitcoin fell roughly 14% in Q2 and dipped briefly below $60,000, while U.S. spot Bitcoin ETFs recorded nearly $5 billion in withdrawals, and the downturn weighed on publicly traded crypto firms.
Latest closeGold $4,292.00 ▲1.1%|Bitcoin $64,695.00 ▲0.7%