Chinese investors have been buying gold like crazy in a period typically associated with low demand. According to Samuel Bryan of SchiffGold at the end of March 2016:
Demand for gold has recently surged in China. Usually, rising prices tend to temper demand, but when it comes to gold in China, the recent price rally has created the opposite effect.
Of course, China itself continues to build up its gold reserves while dumping its US dollar holdings. About a fifth of the world’s gold consumption emanates from China – that is, the Central Bank, the hard-nosed investors, and ordinary Chinese citizens put together.