On Wednesday, an ounce of gold in Shanghai cost $2,007, about 6% higher than the price in London or New York.
The market for bullion in China has surged this month, at times commanding a record premium over international prices of more than $100 an ounce, compared with an average over the past decade of less than $6. On Wednesday, an ounce of gold in Shanghai cost $2,007, about 6% higher than the price in London or New York, according to calculations by Bloomberg.It’s a flight to safety familiar to students of economic stress.
It also marks a sharp reversal from earlier in the year, when China’s slowdown curbed interest in the metal as consumers responded to uncertain economic conditions by conserving cash. Although import restrictions have been loosened, bullion should remain supported by firm demand, Standard Chartered Plc’ analyst Suki Cooper said in a note last week.
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