Gold Price Sinks as Shanghai Premium Vanishes, Copper Falls with Silver
The PRICE of GOLD extended last night's steep drop in London on Thursday, trading near 3-week lows against the Dollar as stronger-than-expected US GDP data followed a collapse in the Shanghai gold premium, erasing the incentive for new bullion imports into China as the continued lack of government stimulus plans for gold's No.1 consumer market worsened the sell-off in industrial commodities and global stock markets.
![Chart of Shanghai vs. London gold prices. Source: BullionVault Chart of Shanghai vs. London gold prices. Source: BullionVault](https://www.bullionvault.com/gold-news/sites/default/files/24-07-25-shanghai-gold.png)