Gold Rallies as China Relaxes Restrictions for Residents and Visitors

GOLD

This morning, Gold has jumped $20 on news of China relaxes many of the COVID restrictions for residents and visitors. The Chinese are one of the world’s largest consumers of Gold and that demand has been down due to Covid restrictions by the Chinese government. It is strongly believed that demand will be back and very soon. Gold did reach a high of $1,835 before seeing some short-term profit taking. At 11am PT today, Gold is trading at $1,818 per ounce, up $24 on excellent volume.

SILVER

Silver rallied with Gold this morning, crossing back above the key $24 level and reaching a high of $24.39 before seeing some light selling. At 11am PT today, Silver is up $0.40 per ounce, trading at $24.12 on excellent volume.