Register now for FREE unlimited access to Reuters.comBEIJING/LONDON/BENGALURU, April 16 (Reuters) - China has given domestic and international banks permission to import large amounts of gold into the country, five sources familiar with the matter said, potentially helping to support global gold prices after months of declines.China is the world's biggest gold consumer, gobbling up hundreds of tonnes of the precious metal worth tens of billions of dollars each year, but its imports plunged as the coronavirus spread and local demand dried up.With China's economy rebounding strongly since the...…Register now for FREE unlimited access to Reuters.comBEIJING/LONDON/BENGALURU, April 16 (Reuters) - China has given domestic and international banks permission to import large amounts of gold into the country, five sources familiar with the matter said, potentially helping to support global gold prices after months of declines.China is the world's biggest gold consumer, gobbling up hundreds of tonnes of the precious metal worth tens of billions of dollars each year, but its imports plunged as the coronavirus spread and local demand dried up.With China's economy rebounding strongly since the...WW…

By (Reuters) - After a spectacular year, precious metals are set for further gains in 2021, with silver tipped to outperform, but analysts are growing more cautious about the prospects for gold as the global economy recovers from the impact of the coronavirus.The pandemic triggered stockpiling by investors looking to protect their wealth. This, alongside supply deficits, pushed gold and palladium prices up by more than 20% this year, while silver rose 47%, and platinum 10%.“We are going to see new record highs for gold and palladium (in 2021),” said Philip Newman at consultants Metals...…By (Reuters) - After a spectacular year, precious metals are set for further gains in 2021, with silver tipped to outperform, but analysts are growing more cautious about the prospects for gold as the global economy recovers from the impact of the coronavirus.The pandemic triggered stockpiling by investors looking to protect their wealth. This, alongside supply deficits, pushed gold and palladium prices up by more than 20% this year, while silver rose 47%, and platinum 10%.“We are going to see new record highs for gold and palladium (in 2021),” said Philip Newman at consultants Metals...WW…

By LONDON (Reuters) - Canadian Imperial Bank of Commerce (CIBC) took a mark-to-market trading loss of C$88.2 million ($64 million) in one day in March due mainly to volatility in the gold market, the bank said in its second-quarter earnings report on Thursday.CIBC is not alone in being caught out when the coronavirus outbreak interrupted gold supply routes and gold futures prices in New York shot above London spot prices.HSBC said earlier this month it suffered paper losses of about $200 million on one day in March.The losses by both banks are theoretical, reflecting the value of positions...…By LONDON (Reuters) - Canadian Imperial Bank of Commerce (CIBC) took a mark-to-market trading loss of C$88.2 million ($64 million) in one day in March due mainly to volatility in the gold market, the bank said in its second-quarter earnings report on Thursday.CIBC is not alone in being caught out when the coronavirus outbreak interrupted gold supply routes and gold futures prices in New York shot above London spot prices.HSBC said earlier this month it suffered paper losses of about $200 million on one day in March.The losses by both banks are theoretical, reflecting the value of positions...WW…