By He Huifeng
South China Morning Post, Hong Kong
Saturday, February 14, 2026
People across China are buying up gold in large volumes ahead of the Lunar New Year holiday, as surging prices for the precious metal fuel its popularity as both a festive gift and an investment.
From migrant workers splashing out on gold-coated jewelry, to white-collar workers pouring their savings into gold-linked investment funds, the metal is widely seen not only as a marker of social respectability, but also as a safety net amid an uncertain world.
... Dispatch continues below ...
... ADVERTISEMENT ...
USA Gold: Coins and Bullion Since 1973
USAGold, well known for its internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.
Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
The rising demand comes amid an unprecedented rally in gold prices. Spot gold briefly touched a record high of nearly US$5,600 per ounce in late January, before retreating to about US$5,000. Despite volatility in global markets, it continues to hover near historic highs amid sustained demand ahead of the Lunar New Year. In China, gold jewelry is now selling at major retailers for more than 1,529 yuan (US$221) per gram, up from 890 yuan around Valentine's Day last year.
The price spike has sparked a surge in sales of gold-plated silver jewelry in Chinese factory hubs such as Dongguan. Gift-giving is a huge part of the Lunar New Year, as millions of migrant workers return to their hometowns laden with boxes of food, cash-filled red envelopes, and other presents for their relatives and prospective partners.
And with prices for both gold and silver soaring, gold-plated jewelry is becoming a popular gift: it is more affordable than pure gold items, but is still likely to hold its value, explained Chen Li, a sales assistant at a jewelry shop in Dongguan.
"Inquiries and sales of gold-plated silver items have noticeably increased ahead of the Lunar New Year, mainly from migrant workers at nearby factories," Chen said, adding that the recent spike in silver prices was likely to fuel the trend even more this year.
Silver soared in value by nearly 148% over the course of 2025, and prices have also remained elevated, trading at US$77 to US$79 per ounce in recent days.
Middle-class families in China's major cities are investing more heavily in gold, with the metal increasingly seen as a promising asset class amid economic challenges at home and rising geopolitical tensions overseas.
Yang Ling, a Beijing-based translator, said she and her friends had treated recent international crises as signals to strengthen their gold portfolios.
"When we heard about the Venezuela and Middle East situations worsening in early January, we invested more in gold that same day," she said, adding that she planned to invest her year-end bonus in gold exchange-traded funds.
Demand for such investment products has been so high in China that banks tightened their risk management policies in January, requiring investors to pass higher-level risk assessments before purchasing gold-related financial products and issuing repeated reminders about potential volatility in precious metal prices.
The surge has also drawn regulatory attention. Authorities in Shenzhen, home to China's largest gold trading hub, have tightened oversight after two platforms failed amid heightened market volatility.
But the gold spending spree shows little sign of slowing down. At branded gold retailers, consumers are snapping up 1-gram gold pieces shaped like small beans or bouquets to give as holiday gifts.
"It feels more thoughtful than a red envelope with 1,000 yuan in cash," said Liu Huilan, a clerk working in Guangzhou, who bought three gold beans to give to her nephews.
Getty He, a recruitment manager also living in Guangzhou, said she expected Chinese families to continue investing in gold this year. Though the metal would not necessarily offer high returns, it offered a sense of security amid the continued uncertainty in China's stock market and real estate sector, she added.
"Gold's gains this year may not match last year's, but it remains the safest bet," she said.
However, the continuous rise in gold prices is creating challenges for some families, especially in rural China. The Lunar New Year is a peak season for engagements and weddings in rural areas, as millions of young people return to their hometowns. For their families, that means preparing the "three golds" – the traditional wedding gifts of gold rings, necklaces and bracelets.
Many households feel intense pressure to buy the three golds for a child's wedding -- it is practically non-negotiable. But as prices soar, parents now often find they have to save for years to afford them.
Zhan Weiwei, a native of China's northern Shanxi province who works as a taxi driver in southern Guangzhou, is already preparing for her 15-year-old son's potential future marriage. At current prices, the three golds cost at least 50,000 yuan -- a huge burden for a typical working-class family, she said.
"I plan to save money to buy about 5 grams of gold each year," Zhan said. "By the time my son gets married, I should have enough."
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
http://www.gata.org/node/16 [5]
Donations of US$500 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png [6]
