Gold shortfall but Chinese demand surges
By Hu Xiaocen |
May 8, 2013, Wednesday
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Print Edition
Print Edition
CHINA'S gold demand surged 26 percent in the first quarter on rising purchases from consumers despite a shortfall in domestic output.
The demand for gold rose to 321 tons in the first three months, 65 tons more than the same period a year ago. But domestic output was 90 tons, short by 230 tons, the China Gold Association said yesterday.
Jewelry consumption rose 16 percent to 179 tons, while demand for gold bars jumped 49 percent to 120 tons, the association said.
Analysts said gold demand in China, the biggest market after India, may climb in the current quarter after prices fell to a two-year low in April.
The demand for gold rose to 321 tons in the first three months, 65 tons more than the same period a year ago. But domestic output was 90 tons, short by 230 tons, the China Gold Association said yesterday.
Jewelry consumption rose 16 percent to 179 tons, while demand for gold bars jumped 49 percent to 120 tons, the association said.
Analysts said gold demand in China, the biggest market after India, may climb in the current quarter after prices fell to a two-year low in April.
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