People in China are so spooked about the economy that even the weak yuan isn't stopping them from buying more gold

Mon, 04/22/2024 - 02:33

Customers select gold ornaments at a gold jewelry store on April 3, 2024 in Huzhou, Zhejiang province, China. — Gold prices have hit record highs on the back of strong demand from China's consumers and central bank.
Ni Lifang/VCG/Getty Images

Gold prices have hit record highs, thanks to global uncertainties and expectations of central bank rate cuts.
China's consumers and its central bank are snapping up gold, even as a falling yuan makes the metal pricier.
Other central banks around the world are also buying gold to diversify their holdings.

China's economy isn't in a great place and its currency is floundering. The tumult is sending prices of gold, considered a safe-haven asset, skyrocketing.