News Bites
Chinese gold consumption jumps during the holidays
(Kitco News) - Data from the China Gold Association shows that China's gold consumption rocketed during the week-long Spring Festival holiday. It was said to be up 13 percent year on year, according to data. Gold ornaments and bars were among the best-selling products during the holiday, a traditional peak season for gold consumption.
Wang He, an employee at the Caibai Jewelry Co. said "Sales increased by double digits during the holiday,". Caibai is a leading gold retailer.
Winter Olympic gold and silver bars as well as commemorative gold and silver badges were also popular among consumers. The country's gold consumption totaled 1,120.9 tonnes last year, an increase of 36.53 percent from a year ago, or up 11.78 percent compared to that of 2019, the association said.
It was previously said that growth in China's gold consumption was led by gold jewelry, jumping 44.99% to 711.29 tonnes year on year. Gold bars and coins consumption gained 26.87% in 2021 to 312.86 tonnes in an article posted on 27th January. This new data adds to the fact there is a growing trend in demand in the Nation.
The South China Morning Post also reported that this month's positive gold shopping trend contrasts with China's wider picture of household spending, as consumption during the week-long holiday "failed to get anywhere near pre-pandemic levels,". This obviously bodes well for the bulls.
