China Gold Prices Plunge the Most Since 2020, Curbing Record Premium

From bnnbloomberg.ca

Gold in China dropped the most in three years after Beijing permitted more imports, all but closing the gap with international prices that’s persisted for weeks. The precious metal fell 3.8% on the Shanghai Gold Exchange, with losses accelerating toward the end of the trading day. It follows a months-long rally in local prices, which created a record premium to gold outside of the country. Shanghai prices were about $10 an ounce above international prices at the close, according to calculations by Bloomberg. This month, premiums had risen to a record of over $120 an ounce. A fresh round of quotas to import gold was ... (full story)