Gold demand hit record highs in 2023 amid geopolitical risks, China weakne
Gold demand was really high in 2023 because of problems around the world and issues with China's economy.
Countries, especially China's central bank, bought a lot of gold, more than 1,000 tons for two years in a row.
The demand went up because of conflicts like the Russia-Ukraine war and economic troubles in China.
Gold prices hit a new high of $2,100 per ounce in December, attracting both big banks and regular people to buy gold.
China became the biggest buyer of gold jewelry in 2023, getting 603 tons, partly because weddings got postponed during the pandemic.
More people might buy gold during the Lunar New Year, especially because it's a lucky year for having children, according to Asian beliefs.
But, be careful, because China's demand for gold might go down after the first three months of 2024 due to higher prices and not-so-good conditions for weddings.
People in China bought less gold jewelry in 2023, 562 tons, as they are sensitive to prices.
In 2024, experts think gold purchases might not be as high as in 2023, but if inflation goes down, people might still buy some gold.