China gold investment tipped to climb 10%
Source: Bloomberg News |
June 12, 2012, Tuesday
|
Print Edition
Print Edition
GOLD-INVESTMENT demand in China may gain more than 10 percent this year as buyers seek a haven from Europe's debt crisis and the prospect of weakening currencies, according to the country's largest bullion bank.
"Investors here want to hold part of their assets in gold to hedge against risks, especially now that the financial crisis has evolved into a sovereign crisis," Zheng Zhiguang, general manager of the precious-metals department at Industrial and Commercial Bank of China Ltd, said in Shanghai.
China will topple India this year as the largest bullion market as rising incomes bolster demand, the World Gold Council forecasts. Gold may gain for a 12th year in 2012 as European policy-makers strive to avoid a breakup of the eurozone and the United States Federal Reserve weighs more stimulus to aid the recovery. Investors in China, facing lackluster equity markets and property curbs, are looking more to the metal, Zheng said last week.
Investment demand in China was a record 98.6 metric tons in the first quarter, 13 percent higher than the same period in 2011, according to the WGC. Last year, it climbed 38 percent to 258.9 tons compared with 2010.
"Investors here want to hold part of their assets in gold to hedge against risks, especially now that the financial crisis has evolved into a sovereign crisis," Zheng Zhiguang, general manager of the precious-metals department at Industrial and Commercial Bank of China Ltd, said in Shanghai.
China will topple India this year as the largest bullion market as rising incomes bolster demand, the World Gold Council forecasts. Gold may gain for a 12th year in 2012 as European policy-makers strive to avoid a breakup of the eurozone and the United States Federal Reserve weighs more stimulus to aid the recovery. Investors in China, facing lackluster equity markets and property curbs, are looking more to the metal, Zheng said last week.
Investment demand in China was a record 98.6 metric tons in the first quarter, 13 percent higher than the same period in 2011, according to the WGC. Last year, it climbed 38 percent to 258.9 tons compared with 2010.
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