China’s central bank expanded its gold reserves for a third month in January, even as the precious metal surged to new high since the beginning of the year.

Spring Festival holidays sparked a gold purchase rush among consumers, even as the price of spot gold hit a record of $2,830 per ounce on Tuesday. This indicates vibrant consumption during the holidays as well as consumers' confidence in domestic development,

Gold prices hit an all-time high on Monday, bolstered by safe-haven inflows after U.S. President Donald Trump's tariffs on Canada, China and Mexico added to concerns of inflation that would dent economic growth.