Chinese gold demand on track to break record
Duncan Richardson, News Editor
28 Oct 2015, 11:54 a.m.
Chinese gold demand is expected to reach an all-time high in 2015 as consumers return to the yellow metal following the crash of the Chinese stock market and devaluation of the yuan.
Demand began to surge in August as the stock market started its 30% correction. Physical demand for bars, coins and jewellery was further boosted in the third quarter following the government’s decision to devalue the yuan. Unsurprisingly, Chinese consumers turned to the yellow metal to protect their wealth.
In 2014 Chinese demand reached 973.6 tonnes and in the first 6 months of 2015 demand reached 497.3 tonnes. Following the financial turmoil of the last 6 months experts are expecting demand to easily exceed 1,000 tonnes this year.
As well as being the world’s largest consumer of gold, China also mines more gold than another country.
Gold is currently trading at £765.74 per ounce, silver £10.44 per ounce, platinum £650 per ounce and palladium £443.14 per ounce.