To halt the spread of COVID-19 cases, China has tightened security in Shanghai and other regions. The zero-COVID policy has begun spreading to more provinces in China and is likely to negatively affect consumption, manufacturing activity, and economic growth. These developments are expected to lessen demand for precious metals, such as gold and silver, from China, the world’s leading consumer of both commodities. President Xi Jinping defended the implementation of its COVID-19 policy. He asserted that the country’s targeted policies helped ensure that the Winter Olympics were hosted smoothly.