Editor’s Note
This article describes a surge in gold purchases in China following recent price fluctuations. The phenomenon highlights consumer responses to market volatility and its impact on retail behavior.
Hong Kong media outlet HK01 reported on the 4th that a “gold buying rush” is occurring in China, with consumers flocking to jewelry stores.
The article stated, “After recording a historic plunge last Friday (January 30), the gold market rebounded strongly from the 3rd. The rise in gold prices has triggered a ‘gold buying spree’ across China, with some jewelry stores forming long queues even before opening.”
According to Chinese media, on the morning of the 3rd, at the Beijing Caishikou Department Store, known for gold trading, an elderly man who had queued up since early morning became furious after being unable to purchase gold.
According to store staff, the store opens at 9:30 a.m., but by 8 a.m., a queue had already formed at the entrance with people seeking gold. The main reason was the rebound in gold prices, attracting not only local customers but also investors from places like Shandong Province who came specifically to buy gold.
Furthermore, at a commercial facility in Beijing’s Chaoyang District, a crowd gathered in front of an established gold store. One customer said, “I came to buy a gold gourd-shaped necklace. I’ve been queuing for three hours already.” Some gold bars in city stores were reportedly sold out, and one staff member, busy dealing with customers, complained, “I don’t even have time to eat lunch.”
A similar situation occurred in Xi’an, Shaanxi Province. At an established store in the Xi’an SKP mall, some products were out of stock. Customers needed to queue to enter, and their time to select items inside was limited to “30 minutes.” An employee at the store explained, “Due to the recent rise in gold prices, enthusiasts and investors are coming to buy. We limit entry to 200 people per day and distribute numbered tickets. Each person’s time inside is limited to 30 minutes, and purchases are limited to a maximum of 5 items.”
In addition, Shanghai’s Zijincheng Jewelry Trading Center has also seen many visitors in recent days, with gold bars selling out consecutively at multiple stores. One store owner said, “It’s due to last Friday’s plunge and the subsequent rebound. The area in front of the counter is packed with people, so crowded you can barely move. Some customers buy 100 grams at once. Restocking will definitely require purchasing several kilograms at a time.”
