China sees 20% rise in gold desire
By Hu Xiaocen |
May 17, 2013, Friday
|
Print Edition
Print Edition
CHINA'S gold demand rose 20 percent from a year earlier to a record high of 294.3 tons in the first quarter of this year, the World Gold Council said in a report yesterday.
The boost was driven by sales of jewelry, bars and coins, the WGC said, adding that demand for gold jewelry climbed 19 percent year on year to 185 tons in China, posting a new record quarterly high due to purchases during the Chinese New Year.
Quarterly investment in bars and coins surged to a new record of 109.5 tons in the country, compared with a five-year quarterly average of 43.8 tons.
"Chinese investors were discouraged by the weak domestic stock market and increasingly relied on gold to fulfill their investment needs," the WGC said. "The announcement in February of impending controls to be placed on the property market further boosted gold's investment prospects going forward."
The average gold price of US$1,632 per ounce in the first three months fell 5 percent from that in the fourth quarter of last year, and off 3 percent from the same period a year ago.
China was the world's sixth-biggest holder of gold reserves with 1,054 tons at the end of March, the report said.
The boost was driven by sales of jewelry, bars and coins, the WGC said, adding that demand for gold jewelry climbed 19 percent year on year to 185 tons in China, posting a new record quarterly high due to purchases during the Chinese New Year.
Quarterly investment in bars and coins surged to a new record of 109.5 tons in the country, compared with a five-year quarterly average of 43.8 tons.
"Chinese investors were discouraged by the weak domestic stock market and increasingly relied on gold to fulfill their investment needs," the WGC said. "The announcement in February of impending controls to be placed on the property market further boosted gold's investment prospects going forward."
The average gold price of US$1,632 per ounce in the first three months fell 5 percent from that in the fourth quarter of last year, and off 3 percent from the same period a year ago.
China was the world's sixth-biggest holder of gold reserves with 1,054 tons at the end of March, the report said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
