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Gold unlikely to lose luster
By Zhang Fengming |
September 10, 2009, Thursday
|
Online Edition
Online Edition
CHINA'S gold demand is expected to post a stable growth in the second half despite the recent breakthrough price of U$1,000 an ounce, industry veterans said today.
Gold prices hit US$1,000 an ounce on Tuesday in London and have fluctuated around that price since.
Markets are divided on whether gold can maintain the mark.
"The high price has two effects on gold demand. On one hand, it may woo more investment demand with the metal's strong momentum," said Wang Lixin, China general manager of World Gold Council. "Meanwhile, it will also add pressure on demand for jewelry."
China's gold demand rose 14 percent to 446.6 tons in the first half of this year. In the period, retail investment soared 62 percent while demand for old jewelry rose 7 percent.
Gold prices hit US$1,000 an ounce on Tuesday in London and have fluctuated around that price since.
Markets are divided on whether gold can maintain the mark.
"The high price has two effects on gold demand. On one hand, it may woo more investment demand with the metal's strong momentum," said Wang Lixin, China general manager of World Gold Council. "Meanwhile, it will also add pressure on demand for jewelry."
China's gold demand rose 14 percent to 446.6 tons in the first half of this year. In the period, retail investment soared 62 percent while demand for old jewelry rose 7 percent.
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