Why are the Chinese so obsessed with the color gold?

Seriously. I read somewhere that the new gold IPhone has broken sales records for Apple with this new color in China. I really think it's a tacky color. (IMHO)

Here in the US I would never consider a gold colored ANYTHING! My favorite color here is black. Elegant, timeless, (what I think) gold colored makes me think of abstemious and noveau riche' people with more money than taste. What say you?

The color gold is viewed in China as a symbol of wealth.