Chinese gold demand set to rise
Duncan Richardson, News Editor
15 Apr 2014, 10:13 a.m.
The World Gold Council has estimated that Chinese gold demand will increase by around 20% to 1,350 tonnes by 2017. China bought 1,132 tonnes of gold in the form of coins, bars and jewellery in 2013 and overtook India as the largest consumer of gold.
World Gold Council representative, Albert Cheng, said. “The cultural affinity for gold runs deep in China and when this is combined with an increasingly affluent population and a supportive government, there is significant room for the market to grow even further.”
"Whilst China faces important challenges as it seeks to sustain economic growth and liberalise its financial system, growth in personal incomes and the public's pool of savings should support a medium term increase in the demand for gold, in both jewellery and investment."
Gold demand in Western economies also remained robust, especially in the U.S., where demand for physical coins and bars as well as jewellery remained high.