It has been a gold rush here in China since Brexit, and it almost looks like the phenomenon of the "Da Ma" - the term used to describe middle-aged women stockpiling gold for investment - is back once again.

As you know, China, is the world's biggest gold buyer, and has joined the hunt for the precious metal ever since the UK's referendum disrupted global markets, and boosted demand for safe haven assets.

The World Gold Council says global gold demand reached 1,200 and 90 tonnes in the first quarter of 2016. That was a 21 percent rise compared to the same period last year, making it the second largest quarter on record.

The increase was mainly driven by the huge inflows into exchange traded funds, and was fuelled by investor concerns about financial market volatility. Global investment demand hit 618 tons. That was up 122 percent from the same period last year.

In China, individuals and investment companies alike have embarked on a buying spree. Bullion is back in the spotlight.

Hoarding gold is a centuries-old reaction to times of crisis… and the aftermath of the UK’s EU referendum vote was no different. 

But although the yellow metal has soared in value since Brexit as investors flooded into "safe haven" assets, demand for gold is "insatiable" in China. 

The World Gold Council says institutions as well as private investors are rushing to buy the precious metal. 

Gold markets in the Chinese capital say crowds have "gone bananas" to buy jewelry, coins, and small monkeys for this year's Chinese zodiac.

"As it's July now, the data for the first half of the year has already been released. The total sales figure is about six billion renminbi, which is higher than the same level compared to the first 6 months of last year," said Guan Qiang, Deputy GM, Beijing Caibai Jewelry. 

The Caibai department store here is Beijing's biggest gold market. It is located in a 4-story building and sells everything, from gold bullion, fine 18 karat gold jewelry, and jade, to platinum and other precious materials. It is a place where you can witness the gold rush with your own eyes.

 The surging gold prices so far have not managed to curb shoppers' appetite for the precious metal. 

"My granddaughter is one month old now. I came here to buy her a gold necklace. I don't care about the price. No matter how expensive it is, I will buy it because it's my granddaughter," said Zhao Xingli, gold shopper.

China is the world's largest physical gold buyer, and the rush here also means that this is only the beginning for gold exchange-traded funds. 

Central banks around the world increased their gold reserves 2.7% last year from 2014 to about 32,800 tons. 

China expanded its reserves by a whopping 70% to about 1,800 tonnes, and now holds the world's fifth largest gold stockpile. 

Central banks buy more gold than they sell in a bid to diversify their reserves from their own currencies - boosting demand and, in turn, gold prices. 

All that glitters may not be gold, but for now, it acts as a hedge for many here in China.

SOURCE: WORLD GOLD COUNCIL