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Chinese gold demand retreats 17%
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China's gold demand retreated 17 percent year-on-year in the first quarter as investors took a wait-and-see attitude, the World Gold Council said today.
Demand in the world's top gold market decreased from 336.1 tons in the first quarter last year to 278.1 tons in the same period this year, the London-based industry association said in a report today.
China's demand for gold jewelry jumped 9 percent from a year earlier to a record 215.6 tons in the first three months while investment in bullion bars and coins slumped 55 percent to 62.5 tons.
“Chinese investors have been waiting on the sidelines in the first quarter as the market didn't show a clear direction,” Albert Cheng, managing director at the World Gold Council for the Far East, told Shanghai Daily today.
Despite record high first-quarter jewelry demand, Cheng said the council expects a weaker second quarter due to the seasonal impact of Chinese New Year, when gold gifts are popular among Chinese.
China overtook India as the world's biggest gold market last year by posting a record-high demand of 1,132 tons. The Indian government raised the import tax on gold last year to stem US dollar outflows, which has dented consumer demand for the precious metal.
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