Gold hits six-week highs on China demand as Bitcoin ignores fresh S&P 500 record

Bitcoin (BTC) stayed wedged at $64,000 on Wednesday’s Wall Street open as gold hit six-week highs.Key points:Gold analysis eyes Chinese demand as the precious metal hits its highest levels in six weeks.Bitcoin sees a second day of lackluster performance against US stocks as the S&P 500 builds on all-time highs.China in spotlight as gold rebounds past $4,200Data from TradingView showed continued BTC price inertia contrasting with upside for both precious metals and US equities.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewGold gained 2.8% on the day to hit $4,213 per ounce, its highest levels since June 22. Chinese appetite spurred the upside, with Bloomberg reporting 14 consecutive days of inflows for domestic gold-backed exchange-traded funds (ETFs).China gold ETF inflows data. Source: BloombergThese products saw their worst month of outflows on record in June per data from the World Gold Council. The year-to-date inflows to Chinese ETFs fell to 40 billion yuan ($5.6 billion). However, this is still the second-best H1 performance on record.“Demand for gold ETFs stayed robust amid growing geopolitical and economic uncertainties, while the PBoC’s non-stop gold purchas...