China’s jewellery retailers are reeling from gold’s blistering rally and the reduction of a tax rebate as high prices have deterred buyers and led to hundreds of store closures in one of the world’s largest consumer markets for the metal.
Large retail chains have reduced their footprint in mainland China this year, while a number of small sellers told the Financial Times that rising prices and a growing tax burden had torpedoed sales.
The price of gold has jumped by half this year to more than $4,000 a troy ounce as investors pile into the asset as a hedge against geopolitical uncertainty, growing levels of global government debt and concerns over a falling dollar.
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