This year, the Year of the Rooster in the Chinese lunar calendar, will also be the year of gold, said Haywood Cheung, president of the Chinese Gold & Silver Exchange Society－an umbrella organization of gold trading firms in Hong Kong which are participants of the Chinese Gold and Silver Exchange.

In an interview with the China Daily, Cheung said he drew his confidence from the turbulent global economic environment, which he said would create a bull market for bullion.

Cheung forecast that the international gold price could potentially climb to $1,600 per ounce in the year. Investors are advised to allocate 20 to 30 percent of their assets to the gold market to hedge risks including the depreciation of major currencies, the uncertainty over US President Donald Trump's China policy and the sluggish economic situation in Europe.