Gold Hits Six-Week High On China Demand As Bitcoin Stays Flat

Gold Rallies Past $4,200 On Chinese Buying

Gold climbed 4% to $4,263 an ounce today, its highest level since June 22, as Chinese demand fueled the rally. Bloomberg reported 14 straight days of inflows into domestic gold-backed ETFs, even after these funds saw their worst monthly outflow on record in June, according to the World Gold Council. Year-to-date inflows into Chinese gold ETFs stand at 40 billion yuan, or about $5.6 billion, still the second-best first-half performance on record.

China’s Central Bank Keeps Buying

The World Gold Council pointed to the People’s Bank of China’s ongoing purchases, totaling 82 tonnes over 20 months through June, as a key support for sentiment alongside rising institutional interest in gold ETFs.

Stocks Extend Record Run

The S&P 500 pushed further into record territory, closing at 7,793. Bloomberg ETF analyst Eric Balchunas noted 66% of index stocks are trading above their 50-day moving average.

Bitcoin Stuck Near $64,000

Bitcoin failed to join the rally, holding near $64,000. Analysts warned of a possible breakdown toward the $58,000–$66,000 range if rallies keep weakening.

CryptoQuant said a real rebound needs steady ETF inflows, cooler bond yields, no Fed rate hikes, and a return to positive Coinbase Premium, which has stayed negative for nearly 80 days.