Gold prices have been underpinned by strong physical demand in China. Strategists at ANZ Bank analyze China Gold demand.
PBoC has added to its Gold reserves for seven straight months
The PBoC has added to its Gold reserves for seven straight months. The removal of COVID-19 restrictions also saw consumer demand surge higher. However, there are signs that growth is starting to slow down. Growth in retail sales of Gold/Silver jewellery fell to 24% YoY in May from 44% and 37% in March and April respectively.
High unemployment amid an uncertain economic outlook could weigh further on demand.
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