China has overtaken India as the world’s number 1 consumer of gold jewellery.
China understands the era of gold very well.
— Gold Telegraph ⚡ (@GoldTelegraph_) February 3, 2024
China’s gold rush: world-leading jewellery surge shows how other investments have lost their shine
China has overtaken India as the world’s No 1 consumer of gold jewellery, with gold becoming increasingly sought after as a safe-haven investment against the backdrop of a dismal real estate market and volatile stocks that have wiped out considerable wealth.
Gold-jewellery consumption reached 630 tonnes in China last year, according to the World Gold Council’s 2023 Report published on Wednesday, representing an annual increase of 10 per cent.
Chinese markets are tumbling but their central bank gold purchases in December increased.
China was the largest gold purchaser in 2023–by a land slide. @GOLDCOUNCIL @KrishanGopaul pic.twitter.com/y4gWbDIP8Y
— GoldSilver (@GoldSilver_com) February 4, 2024
just one chart pic.twitter.com/brAzpycAzm
— zerohedge (@zerohedge) February 3, 2024