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The Seasonality of Gold Prices in China Does the Risk‐Aversion Level Matter?

This article aims to investigate the seasonality of gold prices at the Shanghai Gold Exchange over the 2002–2016 period. Our contributions rely in the distinction between risk‐averse and risk‐seeking investors regarding their investment strategies. The results show the existence of positive Monday and January effects. However, the Monday effect is more suitable to risk‐seeking investors while the January effect is more suitable to risk‐averse investors in bearish periods only. A robustness check shows that the Monday effect does not hold on gold futures prices. These results indicate the importance to consider the risk‐aversion level of investors in seasonal investment strategies.