The Wall Street Journal
January 16, 2014
Chinese buyers have been quietly supporting bullion prices through their most recent rally, snapping up gold ahead of the Lunar New Year holiday, when the precious metal is given by family and friends as gifts.
The world’s biggest gold buyers are showing a willingness to pay more than investors elsewhere to get their hands on the commodity, which is coming off its worst year in decades, with prices having slumped nearly a third, snapping a decadelong bull run.
Trading volume is up in China, and buyers are paying around $15 per troy ounce more for gold than the investors on the international spot market, down from $20 earlier this week but up from around $5 in early December. Chinese were paying a discount to global spot prices as recently as October.
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