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Goldman Analyst: China’s Pre-Holiday Gold Selloff Sends Prices Tumbling

Chinese investors sold nearly 1 million ounces of gold before China’s Labor Day holiday, causing gold prices to drop to their lowest in two weeks (around $3,200/oz).

According to Goldman Sachs trader Adam Gillard, this reversed almost all positions bought the previous week and reduced China’s total gold holdings by 5%.

Despite this selloff, China still holds about 40% of global open interest in gold. Gold remains a top-performing asset this year, up about 23% overall.

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An empty bank vault with a single gold bar on a bare shelf, symbolising the absence of gold backing in the modern fiat currency system.
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