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Gold Sets New Records as China Seeks to Custody Foreign Sovereign Bullion on the SGE

Lower U.S. rates fuel ETF buying across precious metals.

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China produce anualmente unas 380 toneladas, seguida de cerca por Rusia y bien detrás Australia y Estados Unidos.
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Los precios de los metales preciosos repuntan con el oro subiendo 40% y la plata en récord de 14 años. (Fuente: Freepik)

Overview

  • Spot gold hit $3,791 per ounce and hovered near $3,764, with December futures around $3,816, after a 25-basis-point Fed cut and growing expectations of further easing.
  • Silver traded near a 14-year high around $44 per ounce, underpinned by persistent supply deficits and rising solar demand, with Scotiabank citing a $46 target.
  • Gold-backed ETFs grew about 0.9% last week, the largest weekly increase since 2022, according to Bloomberg, adding momentum to the breakout.
  • Bloomberg reported that the People’s Bank of China is using the Shanghai Gold Exchange to court allied central banks to store sovereign reserves in Chinese vaults.
  • Analysts cautioned that rapid gains and heavier speculative positioning raise the risk of short-term consolidation even as medium-term outlooks stay positive.