Related News
China to be world’s biggest gold user
Print Edition
China is set to rank as the world’s biggest gold market this year based on consumption in the first three quarters even as global demand dimmed 21 percent in the third quarter from a year earlier, the World Gold Council said yesterday.
China’s demand rose 19 percent annually in the third quarter to 220 tons and outshone India’s consumption which slumped 32 percent to 148 tons in the same period due to a higher import tax on the bullion.
‘‘China is on track to become the world’s biggest gold consumer this year, given the total consumption in the first three quarters,’’ Albert Cheng, managing director of the World Gold Council for Far East, said in Shanghai yesterday.
China’s combined demand for the bullion in the first nine months was 821.1 tons while India’s was 714.7 tons.
But Cheng said the Indian market should not be overlooked as the higher tax on gold is a temporary tool in a bid to adjust the country’s balance of payment deficit.
Global gold demand fell to 869 tons in the third quarter due to net outflows of 119 tons of gold-backed exchange-traded funds in the period. In the second quarter the net outflows of gold ETF totaled 402 tons.
The average price of gold between July and September was US$1,326 per ounce, a decline of 20 percent from the same period last year.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
