China may beat India in gold consumption
Wednesday, 2 December 2009
BEIJING, Dec 1 (Commodity Online): China is showing an unending appetite for the yellow metal and its production is set to record a new high this year.
According to newspaper reports, the country's gold demand might be more than 450 tonnes this year, up from 395,6 tonnes last year, and output might climb to 310 tonnes, compared with 282 tonnes a year earlier.
China overtook South Africa to become the world's largest gold producer in 2007. The World Gold Council (WGC) said in July China might pass India as the biggest consumer. Bullion touched a record of 1195,13 /oz on Thursday as a weaker dollar drove demand.Bullion, up 34 per cent this year, is set for a ninth annual gain as central banks, pension funds and individual buyers seek to protect their assets from potential currency debasement and inflation.
Gold might climb to 1500 /oz as the dollar fell amid low interest rates, Kenneth Tropin, chairman of Graham Capital Management, told Barron's in its issue Tuesday.
Jewellery sales in China would climb at a double-digit pace this year as record household savings fuelled demand for investment products and wedding gifts.
Sri Lanka bought 10 tonnes from the IMF for about 375m, the IMF said, following India and Mauritius.
China is "quite a likely" buyer in coming weeks, Ben Westmore, an analyst with National Australia Bank, has said.
According to newspaper reports, the country's gold demand might be more than 450 tonnes this year, up from 395,6 tonnes last year, and output might climb to 310 tonnes, compared with 282 tonnes a year earlier.
China overtook South Africa to become the world's largest gold producer in 2007. The World Gold Council (WGC) said in July China might pass India as the biggest consumer. Bullion touched a record of 1195,13 /oz on Thursday as a weaker dollar drove demand.Bullion, up 34 per cent this year, is set for a ninth annual gain as central banks, pension funds and individual buyers seek to protect their assets from potential currency debasement and inflation.
Gold might climb to 1500 /oz as the dollar fell amid low interest rates, Kenneth Tropin, chairman of Graham Capital Management, told Barron's in its issue Tuesday.
Jewellery sales in China would climb at a double-digit pace this year as record household savings fuelled demand for investment products and wedding gifts.
Sri Lanka bought 10 tonnes from the IMF for about 375m, the IMF said, following India and Mauritius.
China is "quite a likely" buyer in coming weeks, Ben Westmore, an analyst with National Australia Bank, has said.