In China, domestic gold prices reached new highs last year, with the retail market witnessing a gold rush, particularly in lower-tier cities and less affluent counties. Gold is seen to offer stronger wealth preservation characteristics during an economic downturn, with demand set to rise ahead of the Lunar New Year.
While the iconic tagline once made the diamond ring an indispensable symbol of matrimony worldwide, young people in China are no longer subscribing to the theory that it is forever.
In China today, many identify with Huang’s consumption mentality, with domestic gold prices reaching new highs last year, and the retail market witnessing a gold rush. Consumers have turned to gold as a safe-haven investment, even though purchasing bars or jewellery at retail outlets would incur extra processing fees.
According to the National Bureau of Statistics, from January to November last year, retail sales of gold and silver jewellery increased by 11.9 per cent, year on year, surpassing overall retail sales of consumer goods, which grew by just 7.2 per cent.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
