Gold prices are experiencing fluctuations, and China may play a crucial role in global prices.
The global gold market is currently facing a period of volatility, with precious metal prices retreating last Wednesday (28th) due to the strengthening of the U.S. dollar. Spot gold prices fell by 0.8%, reaching $2,505.03 per ounce, while U.S. gold futures closed 0.6% lower at $2,537.80 per ounce.
In 2023, Brazil exported $3,486,260,220 (FOB value) in gold, according to a survey by Precious Brazil, a sector project created by the Brazilian Gems and Jewellery Trade Association (IBGM) and the Brazilian Trade and Investment Promotion Agency (ApexBrasil), aimed at promoting Brazilian gemstone and jewelry companies abroad.
According to Reuters, despite current pressure, gold ETFs (exchange-traded funds) recorded a net inflow of 8 tons (equivalent to $403 million) last week, led by North American funds, according to data from the World Gold Council.
Additionally, China’s net gold imports via Hong Kong rose by 17% in July, marking the first increase since March, according to data released on Tuesday. China, being one of the world’s largest gold consumers, could play a key role in sustaining global metal prices if this upward demand trend continues.
Other precious metals also saw declines: silver fell by 2.5% to $29.24 per ounce, platinum retreated by 2.1% to $933.90, and palladium dropped by 2.6% to $944.58 per ounce.
With global economic uncertainties and expectations surrounding U.S. monetary policies, the gold market remains in a state of caution, with potential changes as new economic data emerges.
About ApexBrasil
The Brazilian Trade and Investment Promotion Agency (ApexBrasil) works to promote Brazilian products and services abroad and attract foreign investment to strategic sectors of the Brazilian economy. In order to achieve its goals, ApexBrasil carries out several trade promotion initiatives aimed at promoting Brazilian products and services abroad, such as prospective and trade missions, business rounds, support to the participation of Brazilian companies in major international fairs, visits of foreign buyers and opinion makers to learn about the Brazilian productive structure, among other business platforms that also aim at strengthening the Brazil brand. The Agency also acts in a coordinated way with public and private players to attract foreign direct investment (FDI) to Brazil with a focus on strategic sectors for the development of the competitiveness of Brazilian companies and the country.
About IBGM
The Brazilian Gems and Jewellery Trade Association is a national, non-profit private entity founded in 1977. Its mission is to represent, integrate, develop, and promote all segments of the gem, jewelry, and fashion jewelry chain. The association works as an advocate for their interests and by promoting knowledge transfer, trust, and appreciation of their products among consumers.
About Precious Brazil
The Industry Sector Project Precious Brazil aims to support and promote Brazilian companies in the Minerals, gemstones, jewelry, and fashion accessories segments that seek to export their products, whether they are beginners, exporters, or already internationalized. Coordinated by IBGM – The Brazilian Gems and Jewellery Trade Association in partnership with ApexBrasil – Brazilian Trade and Investment Promotion Agency – the project currently serves approximately 150 companies in the industry.
Notícias relacionadas
