Chinese shoppers, investors losing appetite for gold

Another factor hurting demand has been the weaker yuan. While Chinese shoppers may be shying away from buying gold, investors worldwide are piling in to bullion. That’s pushed prices in dollars up 16% this year after hitting $1,557.11 an ounce last month, the highest in more than six years. Spot gold was at $1,487.37 on Monday.

SINGAPORE: China’s shoppers and investors lost their appetite for gold this year -- and there’s little expectation of any major improvement in 2020 as slowing growth and higher prices crimp consumer spending.

Jewelry consumption is forecast to drop 4% to about 660 tons this year, according to forecasts from Metals Focus Ltd., while a decline of more than 20% to around 240 tons is seen for investment demand.