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A buying frenzy has emptied gold inventories across China’s banking sector as the precious metal hits consecutive record highs, reaching $2,942.71 per ounce.
The Industrial and Commercial Bank of China reports nearly all sizes of their Ruyi Gold bars are out of stock, with only 10-gram bars showing limited availability.
Similar shortages are seen at other major institutions, including Agricultural Bank of China and China Construction Bank, while Bank of China has moved to a preorder system. Local gold stores are also affected, with one Shanghai retailer selling out of 100-gram bars before the Chinese New Year.
