Eyes Are on China to Help Keep Gold Prices Afloat

From etfdb.com

According to data from the World Gold Council (WGC), the systemic risk of inflation was able to outweigh strength in the dollar, which led to a modest increase in gold prices for July. Wholesale demand for gold in China also contributed to the tepid rise, but the WGC noted that demand should amplify later in the year as the holiday season approaches. This helped to offset outflows in Chinese gold ETFs. The central bank of China continued to purchase gold, extending its purchase streak to nine months. China added another 2 tonnes in gold during July to bring their total reserves to 2,300 tonnes. If that buying spree ... (full story)