Gold demand set to double by tonnage
By Zhang Fengming |
March 30, 2010, Tuesday
|
Print Edition
Print Edition
CHINA'S consumer gold demand is set to double by tonnage terms in a decade on a rising economy and short supply, the World Gold Council said yesterday.
In 2009, total consumer demand for gold in China grew 7 percent to 461.9 tons.
Demand for the glittering metal in China was worth more than US$14 billion in 2009, which was equivalent to 11 percent of global gold demand.
"The excitement generated by the Chinese economic growth story is not new. However, clarifying the impact of China's GDP growth trajectory on the outlook for the Chinese gold market has been elusive - until today," said Marcus Grubb, managing director of investment at the WGC, in a report.
China's economy grew 8.7 percent last year.
"Now one of the world's largest economies, China has rapidly become a prominent gold market. However, our analysis confirms that significant untapped growth potential exists in the Chinese gold market," Grubb said.
Over the past five years, demand for gold has risen at an average rate of 13 percent annually in China.
While the demand is growing, China's own gold supply seems to lagging behind the growth.
In the last decade, Chinese gold producers have raised output by 84 percent. However its known reserves account for just 4 percent of total known global gold reserves.
Assuming the figure is correct, WGC estimates suggest China could exhaust its known gold mining reserves within six years.
In 2009, total consumer demand for gold in China grew 7 percent to 461.9 tons.
Demand for the glittering metal in China was worth more than US$14 billion in 2009, which was equivalent to 11 percent of global gold demand.
"The excitement generated by the Chinese economic growth story is not new. However, clarifying the impact of China's GDP growth trajectory on the outlook for the Chinese gold market has been elusive - until today," said Marcus Grubb, managing director of investment at the WGC, in a report.
China's economy grew 8.7 percent last year.
"Now one of the world's largest economies, China has rapidly become a prominent gold market. However, our analysis confirms that significant untapped growth potential exists in the Chinese gold market," Grubb said.
Over the past five years, demand for gold has risen at an average rate of 13 percent annually in China.
While the demand is growing, China's own gold supply seems to lagging behind the growth.
In the last decade, Chinese gold producers have raised output by 84 percent. However its known reserves account for just 4 percent of total known global gold reserves.
Assuming the figure is correct, WGC estimates suggest China could exhaust its known gold mining reserves within six years.
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