Physical gold demand in top consumer China firmed this week as a depreciating yuan and growing tension in the Middle East spurred safe-haven buying, while elevated prices kept activity muted in India. China demand is still strong despite higher prices and we expect this trend to continue as traders are worried about continued currency devaluation and heightened geopolitical concerns, Joseph Stefans, Group Head of Trading at MKS PAMP said. China’s yuan weakened to a five-month low against the dollar, pressured by reports of an Israeli attack on Iran that sparked rising safe haven bets. Dealers in China charged ... (full story)