Chinese gold jewelry demand forecasted +30% for 2021
The Lunar New Year holiday is a big driver of Chinese gold demand. According to Bloomberg, gold jewelry sales at large Chinese retailers doubled year over year for the Lunar New Year.
One must take into consideration that last year sales were depressed at the start of the pandemic.
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"After weeks trading in a narrow range, gold has advanced as Treasuries and the dollar head for weekly losses. Prices extended gains on Friday after Reuters reported that China has given banks permission to import a large amount of bullion to meet domestic demand, citing people familiar with the matter. About 150 tons will likely be shipped in the coming months, it said."