China's latest hunger for gold began in middle of last month following a decline in global gold prices after Cypriot authorities made a commitment to sell excess reserves.
BEIJING(BullionStreet): What could be the major reason behind gold's immediate come back from the recent plunge, some says it's the bulk buying Chinese housewives.
"Chinese housewives" spent 100 billion yuan ($16 billion) over the past two weeks purchasing 300 tons of gold and thus helping to sustain gold prices at $1,468 an ounce, according to "Voice of China" a radio program.
The program said 'Chinese gold rush"' has prevented short selling, where gold is sold and then bought back when prices fall. ...