Silver Falls, Gold Rallies as China Retail Investing Jumps, ETFs Sell - BullionVault

AI desk brief

Gold rebounded from 3-month lows, trading around $3,997/oz in London before touching $4,030/oz, while silver briefly hit an 11-month low at $52.68/oz before recovering. The move came as China retail gold investment demand accelerated, especially into Gold Accumulation savings plans, even as Western gold-backed ETFs continued to shrink and global bullion backing fell by 13 tonnes last week.

The widening divergence between Asian buying and North American ETF selling leaves the market supported on dips, but silver is still lagging badly: the gold/silver ratio rose to 74.3, the highest silver valuation relative to gold since November. Lower U.S. real yields also helped the bounce, with the 10-year TIPS rate sliding to a 1-month low of 2.64% after peaking 0.3pp higher earlier in October.