Chinese consumers on gold buying spree

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The Golden Rush How Chinese Consumers are Driving Demand for Gold Amid Global Uncertainty

As the nine-day Spring Festival holiday drew to a close on Monday, Chinese consumers embarked on a gold rush unlike any other. This surge in gold buying was fueled by peak season demand from weddings, gift-giving, and other necessities, as well as the price of spot gold across global markets reaching new heights.

Marketing Campaigns Drive Demand

Chinese jewelry companies launched market campaigns to promote their gold products during the holiday, driving consumer demand. Promotional activities included discounts such as spend 1,000 yuan and get a deduction of 100 yuan, gram-based discount, and craftsmanship fee discounts. Some stores even offered incentives like 150 yuan off per gram on gold products or drastic cuts like 247 yuan per gram.

Wedding Market Drives Demand

A salesperson at Chow Tai Fook's Beijing Chaoyang district store observed that the primary driver of current gold consumption is the wedding market. As an essential requirement in the marriage process, a full set of gold jewelry typically carries an average transaction value of over 100,000 yuan.

Gold Prices Soar

Domestic gold prices have remained relatively stable at around 1,500 yuan per gram, nearly double that of last year's Spring Festival period. The ongoing gold rush demonstrates Chinese consumers' strong recognition of gold as a hedge and value-preserving asset, analysts noted.

International Trends Influence Domestic Prices

China's domestic gold prices have risen in line with international trends. During the Spring Festival holiday, spot gold traded between around $4,800 and $5,200 per ounce on offshore markets, reaching $5,140 per ounce on Monday.

Risk Events Drive Demand for Gold

Observers note that the logic underlying the gold price jump remains unchanged. On one hand, the persistent challenge to the US dollar's credit status continues to drive demand for gold assets. On the other hand, whenever a risk event emerges, it catalyzes gold's safe-haven attributes as a hard currency. Industry analyst Zhou Yinghao pointed to a series of geopolitical conflicts since the beginning of 2026, including ongoing tensions between the US and Iran.

Uncertainty Ahead

As global tensions show no signs of abating, gold prices are unlikely to come down sharply. However, there is also the risk of high-level volatility, considering previous substantial cumulative gains.

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Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.