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Business|China Is Buying Gold Like There’s No Tomorrow
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CHINA IS BUYING GOLD LIKE THERE’S NO TOMORROW
The global price of gold has reached its highest levels as Chinese investors and
consumers, wary of real estate and stocks, buy the metal at a record pace.
New
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A customer inside a Luk Fook Holdings International jewelry store in Shanghai in
March.Credit...Qilai Shen/Bloomberg
By Daisuke Wakabayashi and Claire Fu
Reporting from Seoul
May 5, 2024, 12:00 a.m. ET
As gold surged this year to its highest price ever, Xena Lin joined the frenzy
by making monthly purchases of gold “beans,” pebble-like morsels of the precious
metal.
For Ms. Lin, a 25-year-old administrative worker in southern China, the $80
beans — small enough to rest on a fingertip and weighing about one-thirtieth of
an ounce — were an affordable way to buy into the gold excitement without
splurging for jewelry, gold bars or coins. She had dabbled with investing in
stocks in the past, but she said buying gold, especially in this fun way,
inspired her to continue investing.
“I’m still working hard to save more,” Ms. Lin said.
Often considered a safe investment during times of geopolitical and economic
turmoil, gold has soared in price in response to Russia’s invasion of Ukraine
and the war in Gaza. But gold’s climb to highs above $2,400 per ounce has proved
more resilient, and lasted longer, because of China.
Chinese consumers have flocked to gold as their confidence in traditional
investments like real estate or stocks has faltered. At the same time, the
country’s central bank has steadily added to its gold reserves, while whittling
away at its holdings of U.S. debt. And throwing fuel on the fire are Chinese
speculators betting that there is still room for appreciation.
Price of gold
Source: FactSet
By The New York Times
China already held considerable sway in gold markets. But the country’s
influence has become more pronounced during this latest bull run — a nearly 50
percent increase in the global price since late 2022. It continued to scale new
heights despite factors that traditionally make gold a comparatively less
appealing investment: higher interest rates and a strong U.S. dollar.
Subscribe to The Times to read as many articles as you like.
Daisuke Wakabayashi is an Asia business correspondent for The Times based in
Seoul, covering economic, corporate and geopolitical stories from the region.
More about Daisuke Wakabayashi
Claire Fu covers China with a focus on business and social issues in the
country. She is based in Seoul. More about Claire Fu
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