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Wednesday, April 16, 2014 12:09
World Gold Council: Rising Chinese demand for gold
Baghdad / Baghdad .. News World Gold Council pointed to a rise in Chinese demand for gold by about 20 percent during the next few years thanks to the increasing richness of the Chinese.
The council said that the Chinese private sector demand for gold will rise to about 1,350 tons, at least by 2017.
The total Chinese purchases of gold in 1132 tonnes last year, and was in the form of jewelry and gold bullion and coins for investment.
China has become the largest consumer of gold in the world since last year, after more than India.
Said Albert Cheng, the World Gold Council: "Gold loves the Chinese people, as well as the population in the increasingly richer and the government provides significant support, and so there is considerable scope for market growth is greater than that."
He added: "While China is facing significant challenges, as it seeks to maintain economic growth and liberalization of the financial system, there should be growth in per capita income and savings as a support for the medium-term increase in demand for gold, both in the form of jewelry or investment."
According to the World Gold Council, and arrived in consumer purchases of gold to a record high last year, came as China and India in the lead.
In Western markets, demand remained strong for the precious metal, particularly in the United States, where Americans bought a lot of gold jewelery as well as gold bullion and coins. Finished / Agencies
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World Gold Council: Rising Chinese demand for gold
Baghdad / Baghdad .. News World Gold Council pointed to a rise in Chinese demand for gold by about 20 percent during the next few years thanks to the increasing richness of the Chinese.
The council said that the Chinese private sector demand for gold will rise to about 1,350 tons, at least by 2017.
The total Chinese purchases of gold in 1132 tonnes last year, and was in the form of jewelry and gold bullion and coins for investment.
China has become the largest consumer of gold in the world since last year, after more than India.
Said Albert Cheng, the World Gold Council: "Gold loves the Chinese people, as well as the population in the increasingly richer and the government provides significant support, and so there is considerable scope for market growth is greater than that."
He added: "While China is facing significant challenges, as it seeks to maintain economic growth and liberalization of the financial system, there should be growth in per capita income and savings as a support for the medium-term increase in demand for gold, both in the form of jewelry or investment."
According to the World Gold Council, and arrived in consumer purchases of gold to a record high last year, came as China and India in the lead.
In Western markets, demand remained strong for the precious metal, particularly in the United States, where Americans bought a lot of gold jewelery as well as gold bullion and coins. Finished / Agencies
[You must be registered and logged in to see this link.]
