Strong demand for gold jewelry in China

Chinese jewelry companies are delighted. Jewelry made of gold, silver and other precious metals is in high demand. Retail sales in 2023 have so far amounted to around 34.4 billion US dollars. This is due to a growth rate that is significantly higher than the growth rate of total retail sales. A weaker economy in China therefore has no impact on demand for jewelry. In terms of total exports, the value of precious jewelry exports is around 18% higher than before the pandemic in 2019. In the first half of 2023, jewelry with a total value of almost 40 billion yuan was exported, a good 13% more than in the same period last year. The reason for the strong demand for gold in China is likely due to the Chinese people’s desire to protect their own savings. The Chinese central bank even intervened and banned banks from importing gold.

But it’s not just the Chinese who love gold, the Indians do too. Shortly before the October holidays, gold exports from Switzerland rose to their highest level since May. Switzerland is the largest gold refining country in the world. India imported 60 percent more gold in October than in the previous year. This led to a 31-month high. In Europe, too, where there are signs of a softer monetary policy and a weaker economy, many seem to be turning to gold again. Gold investments are always worthwhile in the long term, for example in Karora Resources or Fury Gold Mines.

Karora Resources‘ – https://www.commodity-tv.com/ondemand/companies/profil/karora-resources-inc/ – two gold mines delivered more than 120,000 ounces in the first three quarters of 2023 and the full year 2023 production guidance of 145,000 to 160,000 ounces is likely to be achieved.

Fury Gold Mines – https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ -, well financed, operates in Quebec and Nunavut and owns a multi-million-ounce gold platform.

Current corporate information and press releases from Karora Resources (- https://www.resource-capital.ch/en/companies/karora-resources-inc/ -) and Fury Gold Mines (- https://www.resource-capital.ch/en/companies/fury-gold-mines-ltd/ -).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

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