India Gold Discounts Widen to $19 as China Buying Streak Hits 20 Months

Indian jewelers cut gold prices by as much as $19 an ounce this week as sharp volatility curbed retail buying. In contrast, the People’s Bank of China added 480,000 ounces of gold in June for a 20th straight month of purchases, according to BeInCrypto, lifting holdings to roughly 2,346 tonnes. Hong Kong launched a central clearing system for gold on July 7 and revived dollar-denominated futures trading, with volumes on the new contracts hitting a record high, more than double the previous peak set in 2022.