Bloomberg: Gold Rises to Six-Week High

cryptonews.ruPublished on 2026-08-06Last updated on 2026-08-06

Abstract

Gold prices surged 2.8% to $4,213 per ounce, reaching a six-week high since June 22. The rally is primarily driven by sustained demand from China, where gold-backed exchange-traded funds (ETFs) have seen 14 consecutive days of inflows. Despite a record monthly outflow from global gold ETFs in June, Chinese gold ETFs have attracted 40 billion yuan ($5.6 billion) year-to-date, marking the second-highest first-half inflow on record. Increased participation from institutional investors in these Chinese ETFs is supporting demand. Analysts attribute the strong interest to rising geopolitical and economic uncertainty, further bolstered by the People's Bank of China's continuous gold purchases, which totaled 82 tonnes in the 20 months leading up to June. This central bank activity is positively influencing market sentiment.

Updated: 2026-08-05

Gold prices rose by 2.8%, reaching $4,213 per ounce. This is the highest level since June 22. The increase in gold prices is linked to demand from China, where there has been an inflow of funds into gold-backed exchange-traded investment funds (ETFs) for 14 consecutive days.

According to the World Gold Council, despite ETFs experiencing their worst monthly outflow on record in June, the inflow of funds into Chinese gold ETFs since the start of the year has reached 40 billion yuan ($5.6 billion). This is the second-highest figure for the first half of a year on record. Increased participation from institutional investors in Chinese ETFs has also been supporting demand for these products.

Demand for exchange-traded funds investing in gold has remained high against a backdrop of growing geopolitical and economic uncertainty, while continuous gold purchases by the People's Bank of China have continued to positively impact market sentiment.

Increased participation from institutional investors in Chinese exchange-traded funds investing in gold has also been supporting demand for these products, Bloomberg commented.

Analysts forecast further growth in demand for gold in China amid rising geopolitical and economic uncertainty. Moreover, in the 20 months leading up to June, the People's Bank of China purchased 82 tonnes of gold, which has also positively influenced market sentiment.

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Bloomberg: Gold Rises to Six-Week High

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