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Western investors boost gold prices but it loses shine in Asia

Published Thu, Apr 30, 2020 · 09:50 PM

London

WESTERN investors and speculators have boosted gold prices to 12-month highs of over US$1,700 an ounce. The jewellery trade in India, China and Japan, however, has slumped.

Illustrating the extent of investment and speculation, the net assets of gold-backed exchange traded funds (ETFs) soared by 298 tonnes in the first quarter of the year to a record 3,185 tonnes worth US$176 billion at current prices.

According to the World Gold Council (WGC), a mine producer research and lobby organisation, gold ETFs increased by…