The direct influencing factors are as follows: ① The first part is the central bank's foreign exchange reserve policy, whether to increase gold reserves or sell gold directly affects the change of China's gold demand. ② The direct factor that affects the demand for private investment in buying gold is naturally the amount of private savings, which also depends on the income level and marginal savings coefficient of residents. The higher the income of residents, the greater the savings coefficient, the greater the capital invested by the people, and the greater the amount available for buying gold. (3) The direct factors affecting the second part are: the comparison between gold investment and the yield of stocks and bank deposits is well understood, so I won't repeat it here; There are also residents' preferences and ideas about investing in gold, which are also directly related to the demand for gold. ④ What affects the third part is residents' income: the consumption of gold jewelry naturally depends directly on income level and consumption preference.
To sum up, there are several factors that directly affect the demand for gold: ① the central bank's gold reserve policy; ② coefficient of private savings and marginal savings; ③ Comparison of interest rate with various investment returns and gold investment returns; (4) people's investment channels and preferences or ideas for investing in gold; ⑤ Per capita disposable income ⑤ Consumption concept and preference of gold ornaments.
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