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China's new year buyers look to gold as stocks and property crash
From Bloomberg News
Wednesday, February 7, 2024
Gold has never been more expensive in China heading into the Lunar New Year, but consumers are still finding lots of reasons to buy the precious metal.
While the holiday season usually drives increased spending on items like jewelry, reports of robust demand this year are remarkable because the shopping season happens to coincide with a stock market crash.
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It's just the latest symptom of a loss of confidence in the economy that has weighed on consumer spending.
But gold's billing as a surefire store of value in times of trouble is finding new fans, including from younger buyers.
One shopper, who works in the Lujiazui financial district in Shanghai, said he spent a few thousand yuan this week buying a gold necklace for his girlfriend as a present for both Lunar New Year and Valentine's Day, which both fall in the middle of February.
"I previously wanted to buy a necklace from a luxury brand, but on second thought I went for gold jewelry due to its investment value," he said. ...
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