Gold prices have continued to soar since the beginning of the year. Domestic retail prices of pure gold are also rising, approaching RMB 670 per gram.
The market’s expectations for an interest rate cut by the Federal Reserve have pushed gold prices higher. Aakash Doshi, head of North American commodities research at Citibank, expects gold prices to soar to US$3,000 per ounce in the next 12 to 18 months. The most likely factor leading to this situation is the acceleration of de-dollarization.