Chinese Investors Liquidate Nearly 1 Million Ounces of Gold After Record $3,500 Peak Ahead of May Day, Bitcoin Gains Interest

Gold prices experienced a historic surge in mid-April, reaching a record high of $3,500 per ounce, largely driven by substantial inflows into Chinese gold ETFs and retail investor demand. However, this momentum has reversed as Chinese investors have aggressively liquidated their gold holdings, selling nearly 1 million ounces across the Shanghai Futures Exchange and Shanghai Gold Exchange. This liquidation, one of the largest on record, occurred ahead of the May Day holiday and has contributed to an 8% decline in gold prices from their recent peak. The sell-off has raised speculation that Bitcoin may be poised to take over as the preferred asset amid shifting investor sentiment in China. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io