Gold buying by central banks and consumers in India and China is stirring hopes for a recovery in the market, which has been hit by a wave of selling this year driven by large exchange traded fund outflows.
The metal has staged a tentative recovery in the past fortnight, rising about 2 per cent as a handful of bullish factors have converged.
Two indicators have pointed to robust demand in China, the world’s biggest consumer. The price of gold in the country has traded at a premium to international prices in recent weeks, from a discount in 2020. At the same time, the amount of gold withdrawn from the Shanghai Gold Exchange doubled in March from a year earlier to 168 tonnes, according to exchange data.
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