Editor’s Note
This article is based on the World Gold Council’s 2025 “China Gold Demand Trends Report.” The analysis suggests continued strong investment demand in China, supported by seasonal factors and ongoing geopolitical and economic uncertainties.
The World Gold Council released its full-year 2025 “China Gold Demand Trends Report.” The report indicates that the strong momentum of gold investment demand in the Chinese market is likely to continue into the first quarter of 2026: consumer purchases for self-reward and gifting needs ahead of the Spring Festival are expected to provide some support. For 2026, given the ongoing evolution of the global and regional geopolitical landscape and economic growth uncertainties, safe-haven demand will remain high. The report believes gold investment may maintain a steady trend.
Huayuan Securities believes that the restructuring of the global monetary system will be a lengthy process. The probability of a large-scale sell-off of the US dollar and US Treasury bonds as global sovereign reserves remains low in the short term. However, it is likely a general trend for incremental foreign exchange reserves to favor alternatives to the US dollar, such as gold and silver. In recent years, there has been active gold accumulation by Southern countries, and it is expected that Western countries will gradually follow suit. They remain bullish on gold investment opportunities.
Guojin Securities notes that international gold prices have recently shown a historic breakthrough. This round of gold price increases is influenced by multiple factors. On the geopolitical front, since the beginning of 2026, the Greenland issue has continued to ferment, driving up market risk aversion. On the monetary policy front, expectations for the Federal Reserve to cut interest rates have strengthened. Additionally, continued gold purchases by global central banks also provide support for gold prices.
Great Wall Securities believes that:
1) The popularity of gold jewelry consumption remains undiminished. During the continuous rise in gold prices, consumers still exhibit a certain “buy when prices rise, not when they fall” mentality, highlighting the investment value of gold jewelry products beyond their role as consumer goods.
2) The rise of high-end gold jewelry consumption, with increasingly impressive product designs. Recently, some high-end gold jewelry brands have secured financing in the primary market. In recent years, with the growing popularity of high-end gold jewelry consumption and the rise of ancient-style gold, jewelry design has received increasing attention from brands. As gold jewelry products become more refined and their quality improves, high-end gold jewelry products are increasingly favored by consumers, simultaneously attracting attention from the capital market.