Reported about 16 hours ago
Gold prices nearing $3,000 per ounce have prompted Chinese buyers to retreat from the market due to affordability issues amidst a weak economy and strong dollar. While demand for bars and coins remains steady, jewelry sales have declined significantly, reflecting the tightening financial conditions for consumers. The People's Bank of China has resumed its gold purchases to support the yuan, indicating a struggle between rising gold prices and domestic economic challenges.
Source: YAHOO