Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
According to analysts, Chinese gold purchases were dampened last year because of market disruptions caused by the COVID-19 pandemic, even as the nation started to ease restrictions and the high price of gold in yuan terms. Along with weak consumer demand, Jia noted that the wholesale gold market in China was also weak in 2022, suffering from the same factors that weigh on consumer purchases.
As to how the Lunar New Year celebrations will impact gold, Nicky Shiels, head of metals strategy at MKS PAMP, said that with Chinese markets closing next week, gold could see a correction soon.