Chinese households boost gold buying as price falls below $4,000, Shanghai exchange volume hits 6-month high

Chinese households are increasing gold purchases as prices decline, providing support for the metal which slipped below $4,000. Weekly volume on the Shanghai Gold Exchange's Au99.99 contract hit its highest level since April, reaching 43 million lots (roughly 430 tons). This surge in physical demand comes amid losses in China's stock market, which has shed $2.4 trillion since May, and a slumping property market, driving savers toward gold as a safe haven. The People's Bank of China also added 740,000 ounces in September, its largest purchase since October 2023.