Chinese jewelry sales are a key component of global demand for both physical gold and platinum, accounting for 14% and 16% of consumption respectively.
The country's car industry currently employs about 840,000 people, with 210,000 of them working on powertrain production, the sub-sector set to be the worst hit.
"What I can say with full confidence, though, is that prices will rise—for producers and consumers alike—which is good for gold but a headwind for continued economic growth."