The world’s largest and second-largest retail gold buyers, China and India, respectively, are delaying purchases of jewellery.
In 2022, 48% of the total global retail demand came from China and India . In 2022, China accounted for approximately 27% of the world’s demand for gold jewellery.
Retail buyers are not buying jewellery due to the low gold prices, which are a result of safe-haven investors seeking refuge from recession fears and banking troubles in the US and Europe.