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World Gold Council: Q2 gold jewelry consumer demand in China decreased by 18% year-on-year, but investment demand remains strong.
Due to the skyrocketing gold prices and economic slowdown, China's jewelry demand in the second quarter of 2024 hit a new low at the same period since 2009, only 86 tons; China's gold jewelry consumption in the first half of the year also decreased by 18% year-on-year, to 270 tons.
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Goldman Sachs: For every 10% drop in gold price, physical gold demand in China rises 16%, and gold prices are expected to remain at 2700 next year.
Goldman Sachs believes that physical gold demand still dominates the Chinese market, and Chinese consumers may play a key role in pushing up gold prices. There is still more than 12% room for gold prices to rise next year, and expectations of a Fed rate cut and demand from central banks around the world will also help boost gold prices.
Metals & Mining Monitor | General Decline in Metal Prices; BHP Reports Record Iron Ore Production for FY24, Copper Production Rises by 9%
The market continues to digest the prospect of the US presidential election after Biden withdrew, and gold has fallen below $2400.
Due to traders weighing the decision of U.S. President Biden's withdrawal from re-election and what this means for the chance of Trump returning to the White House, the price of gold has slightly declined.