Gold's recent rally has sparked a bullion rush, but along with it — a spike in gold scams in China.
Thousands of people in China have been duped into forking out money on "fake gold" — inferior or artificial gold — after trying to purchase so-called "999 gold" online, according to the government.
Thousands of people in China have been duped into forking out money on "fake gold" — inferior or artificial gold — after trying to purchase so-called "999 gold" online, China is the leading consumer demand for bullion, after the country overtook India in 2023 to become the world's largest buyer of gold jewelry.The main thing a consumer can do to protect themselves is to buy from reputable sources, whether this is online or in-store."The demand for gold combined with unsophisticated Chinese consumers and investors unable to differentiate between 24-carat and lower quality gold has given rise to scammers," Rein added.
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