Closer Look: How Chinese Consumers Helped Gold Prices to Slump
(Beijing) – China is becoming much more influential on the global gold market. Its consumers invested heavily in gold jewelry and bars last year to make the country the world's largest gold market.
In the past, investors would predict gold prices based on India's performance, and now they have to factor in China.
A recent slump in gold price was linked to behavior in China. The country greatly slowed the growth of its money supply, and that slowdown reduced investment in gold. This caused prices to slump, brining about a downturn, much like what happened to copper.
- 60-Second News for July 22: Typhoon Rammasun
- Market Reforms, Fight against Corruption Go Hand in Hand, Expert Says
- What Li Keqiang Asks in Meetings with Economists
- Increased Oil Imports 'Spur Rise in Shipping Costs, Plans to Build More Ships'
- Graft Fight Will Take Years, U.S. Expert Says, but China Is Heading in Right Direction
- Helicopter Crash
- Yunnan Mudslide
- The Week in Photos: July 12- 18
- Meat Supplier Puts McDonald's, KFC in Food Safety Spotlight Again
- Graphics: Dangerous Airspace
- Sign up to receive our free daily newsletter
- CCTV Financial News Anchor Rui Chenggang Is Detained
- Gov't Selects Six SOEs for New Round of Pilot Reforms
- Qingdao Port Warehouse Receipts Forged with Phony Seals, Says Source
- Getting a Healthy Interest in Medical Tourism
- Alibaba Has Big Hopes for New Big Data Processing Service
- Why Congress Should Pass the EB-5 Regional Center Extension Act
- The Lost Soldier of Myitkyina
- Beijing Monorail Plan Earns Ire Among Residents
- Graphics: What Does US$ 100 Mean to Expatriates Around the World?
- WH Group Hits out Against 'Defamatory' Accusations