China data is bullish, says Gold Investment expert
Data regarding the commodities market in China has been labeled "bullish" by one precious metal expert.
Dan Smith, an analyst at Standard Chartered Plc in London, said that the information could be indicative of a new upturn in Gold Investment opportunity as the country is, in his opinion, associated with positivity in the yellow metal market, according to Bloomberg.
He told the news provider: "Recent data from China has been bullish. When people become more optimistic about China, it helps lift the whole complex, including gold."
And the possibility of large scale investments in China has not been wholly ruled out, with Yi Gang, head of the State Administration of Foreign Exchange in China, revealing that the option of Buying Gold will be considered, according to Business Day.
If purchases are made, Gold Prices will certainly rise, he suggested.
Yi told the news provider: "[Regarding] suggestions that we should increase gold holdings, we will give prudent consideration to this, according to market conditions."
"If I purchase gold on a massive scale, it will definitely push up global Gold Prices."
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