China Leads Global Gold Demand Amid Economic Uncertainty

As China's economy faces multiple challenges, gold has emerged as a preferred safe-haven investment, with the country becoming the world's largest consumer of gold jewelry.

• China has overtaken India as the world's top consumer of gold jewelry, with a 10% annual increase in consumption.
• The People's Bank of China was the largest single buyer of gold last year, significantly boosting its reserves.
• Investments in gold bars and coins in China surged by 28% in 2023, reflecting heightened demand for safe-haven assets.
• Global gold demand reached record highs in 2023, driven by geopolitical risks and economic uncertainties, particularly in China.
• Rising gold prices and potential economic slowdown may challenge China's gold demand in 2024, despite a strong start in the first quarter.

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South China Morning Post Newsweek CNBC