Gold also has a special place in the Chinese New Year when ornate pieces of jewellery in 24 carat, often featuring zodiac symbols are purchased for their investment value as well as their beauty.
Gold has been present in Chinese history since the Han Dynasty (206 BC-220 AD), but Chinese gold demand took hold during the Six Dynasties (222-589 AD) with the arrival of Buddhism. Worshippers made gold offerings, and built golden pagodas and statues of the Buddha.
Today, China is the world’s largest single market for gold, driven by a society that is becoming steadily more affluent and which holds the view that purchasing gold demonstrates sound financial foresight and promises to bring good fortune.
A long-term view of gold’s ability to grow in value means that in China price drops are often seen as buying opportunities.