China’s Gold Appetite to Stay Strong Through 2023, Council Says

(Bloomberg) — China’s appetite for gold will stay strong through the rest of 2023, the World Gold Council said, just as domestic prices for the safe-haven soared to a record amid the strongest investment demand in more than two years.

Demand for gold bars and coins in China rose 16% year-on-year in the third quarter and will “remain robust” in the final three months, the council said in its latest outlook. Economic and political uncertainties, currency volatility and central-bank stockpiling have all fueled a buying binge.