Gold demand dims in Q2
By Hu Xiaocen |
August 17, 2012, Friday
|
Print Edition
Print Edition
CHINA'S gold demand dimmed 6 percent in the second quarter as slower economic growth deterred jewelry consumption and fluctuating gold prices melted the need to invest, the World Gold Council said yesterday.
Gold jewelry demand fell 8 percent year on year in the second quarter to 103.1 tons in China, including Hong Kong and Taiwan, while investment need fell 3 percent to 53.1 tons as Chinese investors chose to wait and see following strong fluctuations in bullion prices recently, the WGC said.
"The risk of Greece leaving the eurozone has not subsided. Plus the uncertainty of unemployment in the US, the central banks will continue to relax their monetary policies," Jammy Chan, head of investment at the WGC in China, said yesterday in Shanghai.
The average gold price in the second quarter rose 7 percent on an annual basis to US$1,609.50 per ounce, the WGC said.
The report also noted that outside China and India, the two major gold markets, investment grew by 16 percent as investors in other regions favored buying on price declines.
The WGC reiterated that China will outshine India and become the biggest consumer of the bullion in 2012.
Gold jewelry demand fell 8 percent year on year in the second quarter to 103.1 tons in China, including Hong Kong and Taiwan, while investment need fell 3 percent to 53.1 tons as Chinese investors chose to wait and see following strong fluctuations in bullion prices recently, the WGC said.
"The risk of Greece leaving the eurozone has not subsided. Plus the uncertainty of unemployment in the US, the central banks will continue to relax their monetary policies," Jammy Chan, head of investment at the WGC in China, said yesterday in Shanghai.
The average gold price in the second quarter rose 7 percent on an annual basis to US$1,609.50 per ounce, the WGC said.
The report also noted that outside China and India, the two major gold markets, investment grew by 16 percent as investors in other regions favored buying on price declines.
The WGC reiterated that China will outshine India and become the biggest consumer of the bullion in 2012.
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