Why Chinese families are rushing to buy gold

This is the biggest gold market in China. The precious metal has long been a symbol of prosperity and wealth here. And increasingly, people aren't buying it to wear, they're buying it to save. The purchase of jewellery decreased by about 34% in the first half of this year, while the purchase of gold coins and bars increased by about 29%. That's because gold is seen as a safe place to put money. With China's property market in the doldrums, a volatile stock market and lower interest rates on bank deposits, the precious metal offers an alternative way for households to preserve wealth. We all love gold. It's a good choice to give gold as a gift to family members and keep value. But it's not just Chinese households buying gold. The country's central bank has also been steadily adding to its reserves. It reported buying gold for a 23rd consecutive month in September, when it made its largest monthly purchase in nearly three years. China has imported about 1,000 tons this year so far, worth about $159 billion. The demand is helping to buoy global prices. Analysts say Beijing is trying to reduce its reliance on the U.S. dollar and diversify its reserves. The freezing of Russian central bank assets after the invasion of Ukraine showed how financial reserves held overseas can become vulnerable to sanctions. For ordinary families, buying gold is about protecting personal wealth. And for Beijing, it's about safeguarding the country's financial security. And together, both are helping to drive a gold rush that's being felt far beyond the country's borders.