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China’s gold market in October: wholesale demand weakened, gold reserve rose
International gold prices experienced sizable rebounds in October (Chart 1). The SHAUPM in RMB rose by 6% and the LBMA Gold Price AM in USD by 7%, the largest monthly increases since March. Based on our analysis, rising safe-haven demand amid the Israeli-Hamas conflict drove the hike in international gold prices, even in the face of higher US Treasury yields. chart October extended the SHAUPM’s y-t-d gain to 16%, outperforming major assets globally and domestically (Chart 2). The LBMA Gold Price AM in USD has accumulated a 10% rise during the period. chart Wholesale demand fell seasonally China’s economic ... (full story)