Chinese Gold demand drops in the first half of 2014
Duncan Richardson, News Editor
24 Jul 2014, 10:29 a.m.
In the first six months of the year Chinese gold demand fell 19.3% to 569 metric tonnes. The amount of gold sold in the form of bars and coins fell while gold jewellery sales increased by 44.3%.
Gold consumption in China accelerated last year to a record 1,176.4 tons, following a 28% price fall. In 2013 China consumed 28% of the global supply. Despite this recent fall the World Gold Council expects Chinese consumption to increase to 1,350 metric tonnes by 2017 as China’s middle class continues to expand.
China’s retail gold consumption figures are relatively transparent, however, there is no recent official data about China’s central bank gold holdings, as the bank last reported figures of 1,054 tons as long ago as 2009.
Gold is currently trading at $1,297.32 per ounce, silver at $20.80 per ounce, palladium $868.50 per ounce and platinum $1,474.00 per ounce.