China has its own traditions when it comes to gold. Buying gold during the Lunar New Year holiday is one of them. That is why the precious metal has historically traded at a premium to global prices in China near those holidays early in the year, the peak season for retail demand.
This year, Chinese gold buyers are breaking with tradition and changing the rules of the game for the rest of the world.
Global gold prices hit another record high on Monday. Bullion prices in London are up more than a tenth in the past couple of months and have repeatedly broken fresh records over the past month.
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