India & Turkiye lead global gold buying as China holds back
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China's central bank did not purchase any gold in June, marking the second consecutive month of no gold purchases. Gold prices peaked at $2400 an ounce in May but suffered a decline as China awaits price correction to around $2200 per ounce. Despite this, gold prices were boosted by emerging economies like India & Turkiye. India increased its gold reserves by nine tonnes in June, bringing the total reserves to 841 tonnes, the largest monthly increase in two years. China was the largest institutional buyer of gold in 2023, but economic slowdown and property woes have forced China to wait for gold prices to drop before resuming buying. Gold prices are expected to continue rising due to geopolitical uncertainties, with India leading the gold demand in 2024. Central banks and emerging markets are crucial to sustaining gold demand as supply challenges loom.

#Gold #China #India #Turkiye #CentralBank #GoldPrices #Reserves #GeopoliticalUncertainties #EmergingMarkets

https://www.wionews.com/business-economy/india-turkiye-lead-global-gold-buying-as-china-holds-back-738787