Shenzhen gold hub sees crowds as spot prices slip below $4,000/oz - Global Times

AI desk brief

Spot gold slipped below $4,000/oz, closing down 0.72% at $3,995.63/oz, as stronger U.S. inflation data lifted Fed-hike expectations and pressured prices. The drop triggered a pickup in physical buying in China, with Shenzhen’s Shuibei gold hub seeing heavy foot traffic and domestic jewelry prices cut by about 100 yuan/gram from late-September levels.

The article also highlights a supportive longer-term flow backdrop: Goldman Sachs estimated global central-bank gold buying at 79 tons in August, with China accounting for about 25 tons. PBOC gold reserves rose for a 23rd consecutive month in September, up 740,000 ounces m/m to 77.47 million ounces, reinforcing the strategic reserve-buying theme even as near-term macro pressure weighs on prices.