Posted 4/14/2024, 12:00:18 AM
Chinese Flock to Gold as Safe Haven Amid Market Uncertainty
- China's gold markets flooded with new buyers seeking stable investments as prices soar
- Gold attracting middle class, youth, and new investors looking to diversify away from struggling stocks, property, and banking
- Some cashing out wedding gifts and old jewelry to take advantage of record high gold prices
- China increasing gold reserves, also discovering domestic deposits, as it moves away from US dollar assets
- Investors closely tracking volatile gold prices, hesitant on best timing for buying and selling amid interest rate uncertainty