{"id":618906,"date":"2024-04-22T00:00:00","date_gmt":"2024-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/soaring-chinese-demand-pushes-global-gold-prices-to-all-time-high\/"},"modified":"2024-04-22T00:00:00","modified_gmt":"2024-04-22T00:00:00","slug":"soaring-chinese-demand-pushes-global-gold-prices-to-all-time-high","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/soaring-chinese-demand-pushes-global-gold-prices-to-all-time-high\/","title":{"rendered":"Soaring Chinese demand pushes global gold prices to all-time high"},"content":{"rendered":"

Chinese demand pushes gold to record highs: <\/strong>China extended its lead over India asthe world\u2019s biggest buyer of gold bars, coins, and jewelry. Chinese demand for gold and bar coin investments surged 27% over the past year and demand for gold jewelry rose 10% in the same period. Demand from China pushed the precious metal to a record-breaking USD 2.4k an ounce this year, Bloomberg<\/a> reports.<\/p>\n

China\u2019s demand for the safe-haven asset stands to grow even further<\/strong> as a weakening local currency and ongoing property crisis pushes investors towards the precious metal, Precious Metals Insights Managing Director Philip Klapwijk told Bloomberg. \u201cThe weight of money available under these circumstances for an asset like gold \u2014 and actually for new buyers to come in \u2014 is pretty considerable \u2026 There isn\u2019t much alternative in China. With exchange controls and capital controls, you can\u2019t just look at other markets to put your money into,\u201d he added.<\/p>\n

Sounds familiar? <\/strong>Egyptians heavily brought gold as a safe haven asset until earlier this year as a way to hedge against a weakening EGP. The precious metal soared to record highs in the local market before cooling off after the Central Bank of Egypt floating the EGP appeared to restore confidence in the local currency.<\/p>\n

The view from the trading floor: <\/strong>Gold (Comex) is up around 20% YTD and was trading at just over USD 2.4k last night in after hours trading.<\/p>\n

THE MARKETS THIS MORNING- <\/p>\n

Asian markets are rebounding from Friday\u2019s sell-off<\/strong>, with the Hong Kong\u2019s Hang Seng leading the gainers, up nearly 2.3% in early trading. That\u2019s raising hope that positive sentiment (or perhaps a bit of wishful thinking?) could see the Nasdaq (down 5.5% last week) and S&P (down >3% last week) snap their six-day losing streaks. <\/p>\n

In context: <\/strong>The two big US benchmarks were dragged down last week by a tech selloff. <\/p>\n

What to watch for this week: <\/strong>1Q 2024 results announcements from Alphabet, Meta, and Microsoft.<\/p>\n

Right now: <\/strong>US and European equities futures were up slightly in overnight trading. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

28,623<\/p>\n<\/td>\n

\n

+1.0% (YTD: +15.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.32<\/p>\n<\/td>\n

\n

Sell 48.45<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.32<\/p>\n<\/td>\n

\n

Sell 48.42<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,518<\/p>\n<\/td>\n

\n

+0.1% (YTD: +4.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,126<\/p>\n<\/td>\n

\n

-0.6% (YTD: -4.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,175<\/p>\n<\/td>\n

\n

-0.8% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,967<\/p>\n<\/td>\n

\n

-0.9% (YTD: +4.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,896<\/p>\n<\/td>\n

\n

+0.2% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,918<\/p>\n<\/td>\n

\n

-0.4% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 87.00<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.75<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,401.50<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 64,628.50<\/p>\n<\/td>\n

\n

-0.1% (YTD: +53.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 2.9 bn (42% below the 90-day average). Regional investors were net buyers. The index is up 15.0% YTD.<\/p>\n

In the green: <\/strong>Qalaa Holdings (+8.2%), Ezz steel (+6.1%) and Fawry (+3.5%).<\/p>\n

In the red: <\/strong>Telecom Egypt (-1.9%), Talaat Moustafa Group (-1.4%) and Eipico (-0.6%).<\/p>\n

CORPORATE ACTIONS-<\/p>\n

Elsewedy Electric will pay out a dividend of EGP 0.50 per share<\/strong> on its 2023 earnings, the company said in an EGX disclosure (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese demand for gold jewelry rose 10% over the past year, while Indian demand fell 6%<\/p>\n","protected":false},"author":1,"featured_media":618907,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,72,119,7093,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-china","tag-enterpriseam","tag-financial-markets","tag-gold","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"fb88c4e7-a1f5-4259-a724-59847d1d703a","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1488.JPG","photo_position":"above","homepage_title":"","full_issue_title":"Soaring Chinese demand pushes global gold prices to all-time high","related_issue":[618884],"teaser":"Chinese demand for gold jewelry rose 10% over the past year, while Indian demand fell 6%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.ba8b1bd7-784c-4a79-9d1d-1fde763ca7d6.mp3"},"yoast_head":"\nSoaring Chinese demand pushes global gold prices to all-time high - 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