Gold prices jumped 4% last week on rising demand from China, hitting a three-week high of US$1,334.70 an ounce on Monday, the The Wall Street Journal reported. Demand in China, where consumers account for roughly 25% of global gold buying, hit a record 385.5 metric tons in the second quarter, according to data released on Monday by the state-backed China Gold Association. Before the past week’s bounce, gold prices were down 23% year to date. Chinese purchases have helped keep gold prices stable since a sharp selloff in April, analysts said.
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