Gold Market Trends in China
As gold prices surge, the demand within China’s marketplace is thriving. Gold enthusiasts assert that even with the historical uptick in prices, purchasing remains a profitable venture.
A local buyer expressed, “Today I came to purchase a ‘fake’ and a set of ‘baba’. My husband has gifted me many pieces, but I believe it is time to invest in gold. I think now is the right moment to buy.”
Another shopper, identified as Sun or Jing, commented, “We typically acquire gold during special occasions, especially during the Lunar New Year. I purchase gold items for investment and for my daughter as part of her dowry when she marries. I will continue to buy gold, especially with prices exceeding Yuan 137.91 (approximately US$19.07) per gram, which I view positively.”
Historically, gold has played a significant role in Chinese commerce. Since the Han Dynasty (206 BC), gold has been utilized as currency and in the construction of temples, demonstrating its deep-rooted significance in Chinese culture.
A local jeweler noted, “Our shop sees considerable traffic during the Spring Festival. Customers flock to purchase gold items such as earrings, bracelets, and other accessories. Our service receives positive feedback, which is gratifying.”
China stands as the world’s largest gold producer, generating over 350 tons annually. Additionally, it consumes a staggering 600 tons of gold each year, surpassing 160 tons allocated to textiles and cosmetics.
The nation’s gold reserves amount to 2,286 tons, ranking sixth globally. The Chinese government continues to acquire gold consistently, aiming to bolster the value of the yuan and prepare for potential strategic economic shifts. Simultaneously, local jewelers remain busy, and the populace exhibits a persistent interest in purchasing gold with expectations of future price increases.