11 September 2024
Chinese traders and investors have emerged as a dominant force in the global gold market, driving prices to record highs in early 2024. This shift in market dynamics has seen Chinese speculators on the Shanghai Futures Exchange and Shanghai Gold Exchange significantly increase their trading volumes and open interest in gold futures. Meanwhile, Western investors, particularly in the U.S., have been reducing their gold holdings. This trend highlights a growing Eastern influence on gold prices, potentially setting the stage for further price increases as Chinese demand continues to surge, despite reduced interest from traditional Western market participants.