The reopening of the Chinese economy after draconian COVID lockdowns is pushing gold prices higher, report Myra Saefong and Joseph Adinolfi in MarketWatch:
Gold futures touched a fresh eight-month high Wednesday as traders bet that China’s decision to drop COVID-19 restrictions on its economy would continue to boost prices of precious and industrial metals.
The reopening of China’s economy after the lifting of COVID-related restrictions has helped push demand for industrial metals and precious metals higher.
Copper futures traded at their highest levels since June and gold on Wednesday touched its highest intraday level since May.
The rise in gold prices has also been supported by a fall in the U.S. dollar against major currencies since last November as U.S. bond yields have eased.
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