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India, China boost global gold demand
By Zhang Fengming |
November 18, 2010, Thursday
|
Online Edition
Online Edition
GLOBAL gold demand this year is expected to rise from 2009 on bigger appetite from India and China, the World Gold Council said.
The world's two largest gold markets continue to push up demand on the glittering metal on rising income, high savings rates and strong economic growth, the gold advocate said.
China's retail gold demand rose 16 percent to 153.7 tons on the mainland, Hong Kong and Taiwan in the third quarter of this year. Its economy grew 9.6 percent in the third quarter.
China accounts for one-fifth of global demand.
"Healthy gold demand growth in the third quarter occurred in the context of record prices, demonstrating how consumers, particularly in India and China, are continuing to appreciate the enduring value of gold," said Marcus Grubb, investment managing director at the World Gold Council.
China is already the world's second biggest gold consumer, with jewelry contributing the lion's stake but investment demand picking up rapidly.
Jewelry demand rose by 9 percent in the quarter to 107.9 tons while retail investment jumped 39 percent to 45.8 tons.
Chinese has a traditional frenzy on the yellow metal, which is cheered as a safe haven against inflation and a symbol of fortune.
So when inflation in China rose to 4.4 percent in October and kept its momentum, the precious metal find good reasons to foray deeper into investor pockets despite highflying prices.
Gold prices hit a record US$1,403 an ounce in November. The price surge reflected a slump in the US dollar as investors are concerned of a double-dip recession and currency depreciation as the Federal Reserve said it would pump US$600 billion to bolster a faltering economy.
Global gold demand rose to 773 tons in the third quarter, up 13 percent than a year ago.
The world's two largest gold markets continue to push up demand on the glittering metal on rising income, high savings rates and strong economic growth, the gold advocate said.
China's retail gold demand rose 16 percent to 153.7 tons on the mainland, Hong Kong and Taiwan in the third quarter of this year. Its economy grew 9.6 percent in the third quarter.
China accounts for one-fifth of global demand.
"Healthy gold demand growth in the third quarter occurred in the context of record prices, demonstrating how consumers, particularly in India and China, are continuing to appreciate the enduring value of gold," said Marcus Grubb, investment managing director at the World Gold Council.
China is already the world's second biggest gold consumer, with jewelry contributing the lion's stake but investment demand picking up rapidly.
Jewelry demand rose by 9 percent in the quarter to 107.9 tons while retail investment jumped 39 percent to 45.8 tons.
Chinese has a traditional frenzy on the yellow metal, which is cheered as a safe haven against inflation and a symbol of fortune.
So when inflation in China rose to 4.4 percent in October and kept its momentum, the precious metal find good reasons to foray deeper into investor pockets despite highflying prices.
Gold prices hit a record US$1,403 an ounce in November. The price surge reflected a slump in the US dollar as investors are concerned of a double-dip recession and currency depreciation as the Federal Reserve said it would pump US$600 billion to bolster a faltering economy.
Global gold demand rose to 773 tons in the third quarter, up 13 percent than a year ago.
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