Gold made news this week, as its price surpassed US$2,500 per ounce its price surpassed US$2,500 per ounce, bringing the typical 400-ounce bar to US$1 million for the first time in history. This value, which has registered a 21% increase so far this year, is driven by expectations of a rate cut by the US Federal Reserve.

The boom in the precious metal, which, according to several analysts, will continue in the coming months, is taking place against a backdrop of commodities' accommodation, which are adjusting to the ups and downs of the Chinese economy.

The most notorious case of adjustment is that of iron ore. This ferrous metal has undergone an intense upward cycle in recent decades: from 1995 to its peak in 1995. peak of almost US$220 per ton in 2021, its price increased by 935%, much higher than oil (534%) or copper (374%). However, since then, it has shown a clear downward trend that has brought its value to around US$100 per tonne at present.

For Javier Blas, Bloomberg commodities columnist, it is the end of the cycle of the biggest boom The reason for this boom? The change in China's growth model, which is focusing more on services than on traditional manufacturing, according to Blas.

China is the world's largest producer of steel (made from iron ore), with Baowu Steel leading the way. With the Asian Giant's construction sector in crisis, the steel industry faces a "long winter", as noted by Baowu's chairman, Hu Wangming.

Although also with a certain degree of uncertainty, the scenario for copper looks less dramatic. Demand for the red metal looks optimistic thanks to demand from the electricity sector, including the expansion of electricity transmission and distribution networks in China and the boom in electric vehicles; However, the crisis in the construction sector will also hit demand for this industrial metal. Its price has had a couple of upward weeks, but in mid-August it was still at US$2,000 per tonne, below the ceiling it reached in May of this year.