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China’s Recovery Points to Lunar New Year Boost for Gold Demand
- Jewelry consumption is recovering after pandemic-driven slump
- Demand may rebound, but is yet to reach pre-coronavirus levels
A gold ox figurine on display at a Luk Fook Holdings jewelry store in Beijing, on Feb. 8.
Photographer: Yan Cong/BloombergThis article is for subscribers only.
China’s economic recovery from the coronavirus pandemic may offer some solace to gold bulls, with expectations building that jewelry demand will rebound following last year’s wipe out.
Jewelry retailers on the mainland have reported strong sales in recent months, while concerns over infection have pushed some consumers online. It’s a turn around from last year’s Lunar New Year period, when surging virus cases forced stores to shorten business hours and manage time off for employees, and consumers reined in spending.