Daily Market Updates: China’s record gold buying is tied to dollar diversification

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China’s record gold buying is tied to dollar diversification

Reported · Written up by our desk · Precious Metals

CNBC World reports that Beijing’s effort to diversify away from the dollar, along with Chinese households seeking a safe place for savings, has driven record gold purchases in China.

The outlet says the surge in demand is one of the key factors behind China’s record gold buying, which in turn has implications for gold prices.

Latest closeGold $4,157.80 ▲0.4%

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China’s record gold buying is tied to dollar diversification

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