Chinese consumers’ strong demand for gold helped drive prices to record highs in 2024, particularly in Shubei’s massive retail market. While general consumer spending and jewelry purchases declined amid China’s economic slowdown, gold remained attractive as a wealth preservation tool, with sustained demand for bars and coins. The persistent demand for gold bars and coins highlights a broader transformation in Chinese investment patterns, as consumers increasingly view the precious metal as a reliable hedge against economic instability. This shift is particularly significant given China’s property market troubles, traditionally a primary wealth storage vehicle for Chinese citizens. Unlike other luxury purchases that have seen decreased interest during the economic downturn, gold’s cultural and financial significance has made it a preferred choice for wealth preservation, driving sustained buying despite broader economic challenges.