In the run-up to Lunar New Year, Chinese consumers were busy choosing gold jewellery, a traditional gift with deep cultural connotations, as strong market sentiment overshadowed sharp fluctuations in gold prices and assessments of the sector’s outlook by investment banks remained upbeat.
Jewellers offered small discounts to boost holiday sales. For example, Chow Tai Fook Jewellery Group, China’s largest retailer by store count, launched an 80 yuan (US$12) discount per gram on gold items in its…