Consumers in China are craving more of the yellow metal.
BEIJING—China’s increasing appetite for bling is giving some spark to the moribund gold market.
Gold prices are up 4% in the past week, hitting a three-week high of $1,334.70 an ounce on Monday. A big factor behind the rise is a surge in demand for physical gold in China, some investors and analysts say.
Demand in China, where consumers account for roughly a quarter of global gold demand, hit a record 385.5 metric tons in the second quarter, according data released Monday by the state-backed China Gold Association. That is double the figure from a year earlier, according to a Wall Street Journal analysis of the data.
