FINSUM + Magnifi: Gold Could Surge on Chinese Import Changes

April 20, 2021

China is one of the largest gold consumers in the world, but the pandemic has put the market in turmoil as supply couldn’t match. This has elevated domestic prices high above the international rates. However, China has permitted banks to import Gold into the country. This could be a boom to world gold prices as the country plans to invest $8.5 billion into imported gold in April for April and May supply. Vaccines and stimulus have halted Gold's growth as of late but a fundamental shift from a major bullion consumer might turn the market bullish.

(New York)

FINSUM + Magnifi: Macro factors have been in gold’s favor in theory but in practice, the price hasn’t budged. However, legal changes to import laws would change the landscape for the precious metal.

Other news today: Big Tech’s Winners and Losers as the Pandemic Fades and Goldman Says these S&P Losers Could become Outperformers

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