World Gold Council expects a growth in the Chinese demand by 10%

Gold price continue loses after gloomy chines data

World Gold Council anticipated rise in Chinese demand for gold by 10%, or about 70 tons, this year, as consumers accept the gold as a means of protecting wealth. The total Chinese demand of about 706 tons of gold last year, according to the World Gold Council estimates, but booming demand has more room to rise significantly from this level.

Said Albert Cheng, Managing Director for the Far East, World Gold Council, “If we look to invest in gold and jewelry demand, it could rise 10%,” explaining, “We expect about 10% or about 70 tons. This is not a small figure. ” “I do not want to speculate, but an overall increase of 10% in demand for gold in China does not seem impossible this year.”

He said that Chinese investors are choosing gold as a store of wealth in the current fluctuations in the value of traditional investments such as stocks and real estate. World Gold Council was expected to rise two years ago, Chinese demand for gold to a high level during the next ten years. And China currently occupies second place among the largest consumers of gold in the world after India.