China’s New Year Buyers Look to Gold as Stocks and Property Crash
- Holiday season typically drives demand for gold jewelry
- Sales have been brisk for months, drawing younger buyers
Sales of gold, silver and jewelry have been brisk for months, defying wobbles in the Chinese economy centered around the protracted crisis in the property market.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Gold has never been more expensive in China heading into the Lunar New Year, but consumers are still finding lots of reasons to buy the precious metal.
While the holiday season usually drives increased spending on items like jewelry, reports of robust demand this year are remarkable because the shopping season happens to coincide with a stock market crash. It’s just the latest symptom of a loss of confidence in the economy that has weighed on consumer spending. But gold’s billing as a surefire store of value in times of trouble is finding new fans, including from younger buyers.