People say that when the Chinese New Year ends (31 January), gold demand would come down.
What do we see two weeks after Chinese New Year? A record amount of Chinese gold demand at 64 tonnes a week, that's 256 tonnes a month, above global mine supply.
|SGE Withdrawals (In Gold We Trust: Koos Jansen)|
I believe we could see an increase in gold demand when the price of gold rises. It seems counterintuitive, but the gold demand curve is not straight, it is curved (red graph below).
We might see it happening right now.