MK sport East China's Jiangsu Province, on February 2, 2025. Photo: VCG" src="https://www.globaltimes.cn/Portals/0/attachment/2025/2025-02-04/f473455b-6e39-4298-8ad9-e262568e1694.jpeg" />

Consumers check gold accessories at a gold store in Changzhou, East China's Jiangsu Province, on February 2, 2025. Photo: VCG

China's 2025 Spring Festival holidays sparked a gold purchase rush among consumers, even as the price of spot gold hit a record of $2,830 per ounce on Tuesday. This indicates vibrant consumption during the holidays as well as consumers' confidence in domestic development, according a Chinese expert.

Despite recent increases in gold prices, some customers in Shenzhen, South China's Guangdong Province, and Shanghai were observed waiting in line to purchase gold jewelry at stores such as Chow Tai Fook, Chow Sang Sang and Lao Feng Xiang during the 2025 Spring Festival holidays, according to media reports on Tuesday.

Sales of Chinese zodiac-themed gold jewelry have been buzzing. Given that 2025 marks the Year of the Snake, searches and transactions for snake-themed gold jewelry have significantly increased, with certain products having been sold out on some platforms, the Global Times learned from the platforms.

Lin, a Shanghai-based resident who planned to purchase a gold snake bracelet for her mother, told the Global Times on Tuesday that she went out to check out some gold bracelets, only to find that some of the hot products were sold out or out of stock.

"Gold jewelry buying enthusiasm indicates vibrant consumption during the holidays as well as consumers' confidence in domestic development," Pan Helin, a member of the Expert Committee for the Information and Communication Economy under the Ministry of Industry and Information Technology, told the Global Times on Tuesday.

Pan noted that recent government measures aimed at boosting domestic demand will likely further drive gold jewelry consumption. "Gold demand is picking up in China, as domestic consumption potential is further stimulated along with a steady economic rebound, and investors in the gold retail market bet on higher gold prices amid a volatile international environment," he added.

In January, the World Gold Council (WGC) said that it expects a seasonal pick-up in gold jewelry consumption due to the peak buying season over the Chinese New Year holidays - from January 28 to February 4.

The WGC had also predicted a moderate yet positive growth outlook for gold prices in 2025. "China's contribution to the gold market will be key: consumers have been on the sidelines while investors have provided support," read the WGC's Gold Outlook 2025 released at the end of 2024.

Meanwhile, industry players have also issued optimistic forecasts for gold. The price of gold is expected to maintain its elevated trajectory, and may have the potential to surpass $3,000 per ounce, according to Qiu Zuxue, a senior analyst at Minsheng Securities. 

Gold remains an important asset choice for investment and a safe haven, as it is relatively uncorrelated with other key assets, Pan said, adding that the recent price surge was driven chiefly by concerns over renewed global trade tension and economic uncertainties.