Economics
China Gold Buying Means Price Floor to Standard Chartered
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The cheapest gold in four years is proving irresistible for shoppers in China and India, where rebounding demand may signal an end to the longest price slump in more than a decade.
Purchases in Asia will help support prices that are headed for the first two-year decline since 2000, Standard Chartered Plc said. While surging equities and tame inflation have eroded gold’s appeal as a hedge, sending bullion tumbling to $1,132.16 an ounce today, prices are nearing the lows forecast by banks from Citigroup Inc. to Goldman Sachs Group Inc.