Bullion on the Shanghai Gold Exchange traded at a premium of more than $120 an ounce on Thursday.
Gold in China is trading at a record premium to international prices, a sign of Beijing’s escalating battle to defend its currency.
“It looks as if there’s been no imports,” said Rhona O’Connell, an analyst at StoneX. “That also makes sense because of the efforts that they are putting in to defend the currency.”
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