China’s Golden Week to Provide Seasonal Boost to Gold Demand

SEATTLE (Scrap Monster): China’s upcoming Golden Week holiday could offer some seasonal support to gold demand after a challenging period for jewellery consumption, according to the latest market commentary from the World Gold Council.

China’s National Day holiday, running from October 1-7, traditionally marks the beginning of the country’s peak gold-buying season. Jewellery purchases by consumers typically increase during the holiday, while retailers also replenish inventories in anticipation of boosted sales.

It must be noted that elevated gold prices and subdued consumer confidence have weighed on Chinese jewellery demand during 2026. Recent price stability and increased holiday spending could encourage consumers to return to the market and initiate some deferred purchases, which in turn may support demand toward year-end.

The outlook comes as gold prices remain under pressure. The LBMA Gold Price PM declined 2% last week to $4,261 per ounce. Year-to-date, gold prices have seen a decline of 2.4% in 2026.

Stronger U.S. economic data and hawkish signals from Federal Reserve officials have pushed Treasury yields and the U.S. dollar higher, creating headwinds for gold. Global gold ETFs also recorded their first weekly outflow since mid-July.

The World Gold Council noted that upcoming U.S. inflation and employment data could have a significant influence on gold-market sentiment.