China's golden crowning
By Hu Xiaocen |
May 18, 2012, Friday
|
Print Edition
Print Edition
CHINA is now the biggest bullion market in the world as its demand for gold shone brighter than India's in the first quarter of this year, the World Gold Council said in a report yesterday.
Marcus Grubb, managing director of investment at the council, said in the report about trends in gold demand that although China's economy continued to grow at a slower pace, "as we previously forecast, it is likely China will become the largest source of demand for gold in 2012."
While global demand fell 5 percent to 1,097.6 tons from a year earlier on high gold prices, China's investment and jewelry demand sparkled 10 percent year on year to 255.2 tons in the first quarter. The investment demand for gold rose 13 percent as Chinese investors strongly believe in wealth preservation amid inflation concerns.
Meanwhile, jewelry demand also grew significantly to 156.6 tons, or 30 percent of global jewelry demand, making China the largest jewelry market for the third straight quarter, the report said.
Demand in India dimmed 19 percent in the first three months due to new and higher taxes as well as a weaker rupee while investment demand plunged 46 percent.
But the report predicted a rebound in India's demand for jewelry after the scrapping of the new tax this month.
The report also said gold's average price rose 22 percent on an annual basis in the first quarter to US$1,690.57 per ounce.
Marcus Grubb, managing director of investment at the council, said in the report about trends in gold demand that although China's economy continued to grow at a slower pace, "as we previously forecast, it is likely China will become the largest source of demand for gold in 2012."
While global demand fell 5 percent to 1,097.6 tons from a year earlier on high gold prices, China's investment and jewelry demand sparkled 10 percent year on year to 255.2 tons in the first quarter. The investment demand for gold rose 13 percent as Chinese investors strongly believe in wealth preservation amid inflation concerns.
Meanwhile, jewelry demand also grew significantly to 156.6 tons, or 30 percent of global jewelry demand, making China the largest jewelry market for the third straight quarter, the report said.
Demand in India dimmed 19 percent in the first three months due to new and higher taxes as well as a weaker rupee while investment demand plunged 46 percent.
But the report predicted a rebound in India's demand for jewelry after the scrapping of the new tax this month.
The report also said gold's average price rose 22 percent on an annual basis in the first quarter to US$1,690.57 per ounce.
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