Gold Demand In Mainland China To Record Levels
$GLD
Gold consumption in Mainland China may match or exceed the record inY 2013 after financial-market turmoil and the RMB Yuan’s devaluation boosted the precious Yellow metal’s appeal, according to the Chinese Gold & Silver Exchange Society, also higher sales are happening at jewelers in Hong Kong.
Buying in Mainland China picked up after the stock-market turmoil this year and August’s surprise devaluation, according to Haywood Cheung, chairman of the supervisory committee at the bullion exchange.
Demand in Hong Kong may expand 25% this half after a lackluster 1-H, he said in an interview.
Gold prices are lower in Y 2015 following 2 years of losses on prospects for higher US interest rates. The decline in Y 2013, when bullion sank 28%, spurred increased buying across Asia, and Y 2015 is shaping up well and may surpass that year’s total. The RMB Yuan was devalued in Q-3 to bolster the nation’s competitiveness, and policy makers have also acted to stem a stock-market rout.
Consumer demand in China, which totaled 973.6 tonnes last year, was 497.3 tonnes in 1-H of Y 2015, according to data from the World Gold Council (WGC) issued in August.
In Hong Kong, Gold demand was 61.4 tonnes in Y 2014 and 24.8 tonnes between January and June, according to the August report.
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At the time of the writing: Gold (COMEX)
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USD/t oz. | 1,163.70 | +0.90 | +0.08% |
Stay tuned…
HeffX-LTN
Paul Ebeling
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