from Global Times:

China consumed 554.88 tons of gold in the first half of 2023, up 16.37 percent year-on-year, data from the China Gold Association (CGA) showed on Tuesday, as Chinese citizen’s income continues to rise steadily.

The “gold rush” is partly fueled by the investors’ growing risk-aversion in buying equities and bonds, over concerns about volatile global financial environment, which is exacerbated by the US bank financial crisis and the US debt ceiling issue.