"Chinese Demand Drives Gold to New Record Highs Amid Bullish Market Sentiment"

The recent record-breaking rally in gold prices was fueled by Chinese buying and bets on the US Federal Reserve's shift to looser monetary policy. While the surge was initially attributed to various factors such as investment fund interest and algorithmic trading, the foundation for the rally was laid by China's massive purchases of gold, alongside demand from consumers seeking to protect their wealth amid market and property sector turmoil. Central bank buying and expectations of Fed interest rate cuts have also contributed to the rally, with the focus now turning to when the Fed will start cutting rates. Despite the recent gains, gold still has room to reach its inflation-adjusted peaks, and the market dynamics driving the current rally are unprecedented.