Reuters
- China's economy is struggling, leading to a surge in gold purchases as a safe-haven asset.
- Central banks are on a gold-buying spree, contributing to record-high spot gold prices.
- Other central banks are also snapping up gold to diversify their assets on the back of a strong greenback.
China's economy is in a funk and people are rushing out to buy gold as a safe-haven asset to hedge against economic uncertainties, sending prices of the precious metal to record highs.