“One traditional narrative on why Chinese consumers buy gold is that it is used heavily for weddings, festivals and gifts. But there are also less-cultural factors, the OpenMarkets report notes. Gold as a secure haven of wealth and protection against inflation is one motivation, according to the Reuters GFMS research. Rising wealth and urbanization, along with scarce investment options in the countryside, also promote gold hoarding, predominantly by women, according to the research. Similarly, tight government control over real estate, low interest rates and poor stock markets turn gold into an attractive alternative.”
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