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.
Original Source: Mining.com
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