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Gold and China’s rising middle class

Adam Pike, News Editor
16 Apr 2014, 10:15 a.m.

According to the World Gold Council's (WGC) latest report, Chinese private sector gold demand is set to increase by 25% to 1,350 tonnes by the 2017, with most of the new demand coming from a growing middle class.

Over the next six years the Chinese middle class is projected to grow by 60% to 500 million people. These affluent Chinese consumers will want to invest their newly acquired wealth and many will choose gold.

The WGC reported that 80% of Chinese consumers plan to spend either the same or more money on 24ct gold over the next 12 months. The jewellery market in China has nearly trebled over the last 10 years and the country has well over 100,000 outlets selling 24ct gold.

Chinese investors prefer physical bars and coins to paper substitutes, with demand particularly high for small investment grade bars and coins. The WGC estimate demand for physical bars and coins could potentially reach 500 tonnes by 2017.

The Chinese are a country of savers and with few investment alternatives gold demand in China is set to soar.

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