China, Hong Kong, Taiwan, South Korea, Singapore and others in Asia were not involved during trading hours today in honor of the Chinese New Year.
This caused lighter volume for the day as gold started negative but turned intraday for a comeback and now sits at $1353/oz.
With China’s large population and the encouragment by the Chinese government for the people to buy gold, it is on a pace to replace India as the largest gold consumer globally.
The Chinese New Year has showed higher volumes in gold purchases than the Indian Diwali, with no signs of retreating the current levels. Has it been a coincidence that gold has been rising for the last ten years, the same time has passed since China liberalized private gold buying.