Gold Hits $4,000: Chinese and Indian Buyers Trade Jewellery for Bars and Coins

Gold's October 2025 breach of $4,000 per ounce squeezed jewellers' fabrication margins — the profit spread on making and selling jewellery — pushing Chinese and Indian investors toward bars and coins, Reuters reported January 26, 2026. ANZ Research projects $4,800 for 2026, roughly 20% above that level.