Gold demand surges in China

Gold sales have sparkled in China despite price increase, mainly thanks to demands from seasonal consumption and long-term investment. The international prices of gold, which is widely considered a safe haven asset, have climbed up partly due to global economic growth concerns.

The price of gold futures on China’s Shanghai Futures Exchange hit a 13-year high of about 64.31 U.S. dollars per gram on Wednesday. In spite of the metal's price surge, it is still popular among Chinese consumers. According to the China Gold Association, gold consumption in the country reached 554.88 tons in the first half of this year, up 16.37 percent from 2022.