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Gold fever tipped to rise in China
By Zhang Fengming |
June 28, 2010, Monday
|
Online Edition
Online Edition
CHINA'S consumer gold demand is expected to rise in double digits annually as people get richer, said a senior manager at the World Gold Council today.
"We expect gold demand in China to grow faster than its economic growth each year," said Albert Cheng, Far East managing director of the World Gold Council.
Over the past five years, consumer demand for gold has risen by an average 13 percent annually in China. And that is set to double by tonnage terms in a decade on a rising economy and short supply, the World Gold Council said earlier.
"Investment gold is set to grow at a double-digit rate in China as an alternative investment," Cheng said.
The council, a global gold advocate, is in talks with China's securities regulator and the central bank on introducing exchange-traded-fund (ETF) of gold in Shanghai. But this is still a long way off, Cheng said.
Twenty-four carat gold takes 85 percent of the gold market in China, with 18-carat gold accounting for the rest.
Cheng said he expects 18-carat's share to grow to 20 percent in five years.
In 2009, total consumer demand for gold in China grew 7 percent to 461.9 tons. Demand was worth more than US$14 billion, which was equivalent to 11 percent of global gold demand.
"We expect gold demand in China to grow faster than its economic growth each year," said Albert Cheng, Far East managing director of the World Gold Council.
Over the past five years, consumer demand for gold has risen by an average 13 percent annually in China. And that is set to double by tonnage terms in a decade on a rising economy and short supply, the World Gold Council said earlier.
"Investment gold is set to grow at a double-digit rate in China as an alternative investment," Cheng said.
The council, a global gold advocate, is in talks with China's securities regulator and the central bank on introducing exchange-traded-fund (ETF) of gold in Shanghai. But this is still a long way off, Cheng said.
Twenty-four carat gold takes 85 percent of the gold market in China, with 18-carat gold accounting for the rest.
Cheng said he expects 18-carat's share to grow to 20 percent in five years.
In 2009, total consumer demand for gold in China grew 7 percent to 461.9 tons. Demand was worth more than US$14 billion, which was equivalent to 11 percent of global gold demand.
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