Demand for Gold in China to Double within Ten Years
Beijing/London/New York: Chinese demand for gold is set to double in tonnage terms within just ten years according to the latest World Gold Council (WGC) analysis. Chinese gold consumption was worth more than US$14billion in 20091, which is equivalent to 11% of global gold demand. Launched today, Gold in the Year of the Tiger provides an outlook for all aspects of gold’s supply and demand fundamentals in China.
Marcus Grubb, Managing Director, Investment at WGC, said: “The excitement generated by the Chinese economic growth story is not new. However, clarifying the
impact of China’s GDP growth trajectory on the outlook for the Chinese gold market has been elusive– until today.
“Now one of the world’s largest economies, China has already rapidly become a prominent gold market. However, our analysis confirms that significant untapped growth potential exists in the Chinese gold market. In China, if gold demand continues to accelerate and becomes more comparable with other major markets, WGC expects it to double in tonnage terms within the next decade, which would represent annual gold demand of approximately US$29 billion at year end 2009
Over the past five years, demand for gold has increased at an average rate of 13% per annum in China.
For a copy of the WGC report please follow this link: www.mediacentre.gold.org