Gold defies the dollar — is China quietly taking control?

Gold is still trading near elevated levels — around $4,700 to $4,800 an ounce — even as a stronger US dollar and firm bond yields weigh on prices. That tension is at the centre of the current market debate.

In an interview with MINING.COM, Alasdair Macleod, a former banker and gold market analyst, argues the real shift is happening in China. He points to large volumes of gold absorbed through the Shanghai Gold Exchange and steady domestic production, suggesting a significant share of global supply is moving East — and not returning.

The question now is whether gold is still reacting to short-term macro forces, or whether changes in ownership are beginning to reshape the market.