Gold Market Shines During Spring Festival, Yet Slower Growth Expected Ahead

Gold consumption over the extended Chinese New Year holiday in 2024 demonstrated a strong market appetite, reflecting a positive start to the year. Despite a vibrant start, expectations for the year suggest a more tempered outlook for gold jewelry demand, anticipated to grow but at a slower rate compared to 2023, owing primarily to a slowdown in economic expansion. Meanwhile, sales of bars and coins are expected to remain robust, although they may not achieve the remarkable growth seen in 2023.