China is in the midst of a massive gold-buying spree. Consumer demand for the trusty commodity is skyrocketing and the nation's central bank is busily filling its coffers with vast quantities of bullion. As a result, global gold prices are reaching record levels, hitting new highs in October 2024.

With the country's gold fever showing no sign of slowing down any time soon, read on as we explore the extent of China's precious metal addiction and discover the possible reasons – some more troubling than others – behind its drive to stockpile gold like there's no tomorrow.

All dollar amounts in US dollars.