China Central Bank Adds Gold in Hong Kong to Support Trading Hub
China’s central bank is stockpiling more gold in Hong Kong, according to people familiar with the matter, in a move that’s likely to support the city’s push to become a major bullion-trading hub.
China's central bank is increasing its gold stockpile in Hong Kong, according to people familiar with the matter. This move is likely to support Hong Kong's push to become a major bullion-trading hub.
The price of gold has "explosive" upside potential, according to analysts. Deutsche Bank expects the gold price to reach US$4,700 per ounce by the end of the year. State Street Investment Management also predicts a high price, with a forecast of US$5,000 per ounce by the end of the year or early 2027.
The Shanghai Gold Exchange has pledged to strengthen cooperation between the Hong Kong and Shanghai markets. China's central bank has been adding to its gold reserve for 20 straight months. The South Korean central bank also plans to buy gold for the first time in 13 years. Official demand for gold reached a record US$45 billion in the second quarter, according to Deutsche Bank.
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