The Comex gold futures rose 1.70% last week when the Chinese Renminbi depreciated unexpectedly on Aug. 11. This week, the gold futures rose 0.38% and ended at $1,116.60 per ounce on Tuesday. In contrast, the Dollar Index dropped 1.07% to $96.52 and the crude oil futures plunged 3.12% to $42.50 per barrel last week.
China's gold demand this year is expected to at least hold steady with last year at just under 1,000 tonnes and will not likely be dented by this week's currency devaluation, the World Gold Council (WGC) said.
With all the focus on the Chinese lowballing their total institutional gold holdings, combined CIC, SAFE and PBOC, this week and the continuing attacks and manipulation of the gold market on Sunday night, the latest large increase in Russia’s gold reserves has gone largely unnoticed and barely covered by commentators – especially the more vocal bearish ones.