China's Economic Woes Lead to Record Gold Buying Spree As China grapples with economic slowdown, its significant pivot towards gold has notably influenced global demand, setting new records. The easing of pandemic restrictions has not alleviated the economic stress from a sluggish manufacturing sector, high debt levels, and a property market crisis. This shift has positioned the People’s Bank of China as the largest gold buyer last year, a move highlighted by the World Gold Council’s recent report. Despite a 5% drop in global gold demand excluding OTC market trades, the inclusion of OTC transactions reveals an unprecedented total demand of 4,899 metric tonnes (about 5,400 tons) for the year, with the average gold price reaching a record high of US$1,940 per ounce, surpassing the previous year’s figures. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts McDonald’s CEO Promises ‘Affordability’ Amid $18 Big Mac Combo Backlash READ MORE Rising Tide of Corporate Debt Defaults: An 80% Surge in 2023 Signals Troubling Trends Ahead READ MORE Inflation Ticks Higher in January, Surpassing Predictions READ MORE Currency Watch: Dollar Rises, Eyes Set on Upcoming U.S. Inflation Insights READ MORE Middle East Tensions Propel Gold and Silver Prices READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment