BEIJING/MUMBAI/BENGALURU : On a recent evening in April, only three or four people browsed among the several gold jewellery booths in a plaza in Beijing's high-end Wangfujing shopping district and all left without buying anything.
With gold prices just off their records of 2020, pushed higher by safe-haven investors seeking solace amid recession fears and banking crises in the U.S. and Europe, retail buyers are eschewing rings, earrings and necklaces. Global gold prices surged to $2,072.19 an ounce on Thursday, only cents away from the record set on Aug. 7, 2020. Prices have risen 12 per cent so far in 2023.Investment and jewellery consumption in China and India accounted for 48 per cent of total global retail demand in 2022, according to Debajit Saha, analyst at Refinitiv Metals Research, making primary producers heavily dependent on them.
After a flurry of buying earlier this year, jewellery demand has receded partly due to rising prices, said Michael Lee, a designer at a company in Shenzhen's Shuibei jewellery hub.
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