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Chinese buyers and sellers expect gold rush to continue despite record prices
By Xihao Jiang, James Pomfret, and Joyce Zhou
Reuters
Tuesday, January 27, 2026
With gold prices setting new all-time highs this week, customers have been cramming into stores in Shanghai and Hong Kong that sell the precious metal, with some betting the price could rise even further.
"There are still quite a lot of people buying it, because gold awareness is a long‑term trend and it’s still heading upwards," gold seller Zhao Jinhao said today at a jewelry mall in Shanghai.
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"It has risen from just over 20 yuan back in the 1980s to more than a thousand yuan now, and it has been on an upward trajectory the whole time."
Gold prices surpassed $5,100 per ounce on Monday after a 62% surge in 2025. The record-breaking run has been propelled by central bank buying to reduce reliance on the U.S. dollar and strong demand across the board from buyers looking for a safe-haven asset after the tumultuous first year of U.S. President Donald Trump's second presidency. ...
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