Gold has broken through a significant resistance level for the first time in six months, driven by increased accumulation from China and renewed interest from gold-backed ETFs. The People’s Bank of China continued its consistent gold purchases, adding 20 tonnes in July, maintaining a near-record accumulation pace. Global gold-backed ETFs have reported approximately $3 billion in inflows, reversing a trend of outflows and indicating a resurgence in investor demand for bullion.
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