Gold attracts China's retail investors, lifting prices to new heights

Purchasing spurred by push to safeguard assets amid economic uncertainty

20240509N China gold

China's gold bar and coin demand rose 68% on the year in the first quarter. © Reuters

TOMOYA TAKAYAMA, Nikkei staff writer

TOKYO -- Gold prices have soared to record highs on the arrival of an unexpected group of buyers: retail investors in China.

"Speculative investors have led most of the past rallies," said Tsutomu Kosuge, president of Tokyo-headquartered commodity research firm Marketedge. "The historic March-April rally is an unusual example of physical demand from China pushing the market higher."

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