China’s gold demand plunges 51% in Q2
Print Edition
CHINA’S gold demand plunged 51 percent from a year earlier in the second quarter on less jewelry consumption and bullion investment, according to an industry report.
Gold jewelry consumption dimmed 45 percent year on year to 154.7 tons in the second quarter in China, while investment in bullion and coins slumped 62 percent to 53.3 tons, the World Gold Council said in a report yesterday.
China’s total gold consumption may hit 900 to 1,000 tons this year, said Albert Cheng, the WGC’s managing director for the Far East.
The London-based industry association said in the report that local prices in China were discounted during the second quarter, confirming a muted appetite in the period.
Total global gold demand fell 16 percent from the second quarter of last year to 964 tons in the period. Gold jewelry consumption, which represents more than half of global total, dropped 30 percent to 510 tons, said the report.
Separately, Cheng said the international board to be unveiled by the Shanghai Gold Exchange in the city’s pilot free trade zone offers an opportunity to test the ongoing reform of China’s capital account convertibility.
Meanwhile, central banks were net purchasers of gold for the 14th consecutive quarter as they diversified their assets and also due to ongoing geopolitical tensions in Iraq and Ukraine. They bought 118 tons of bullion in the second quarter, up 28 percent from a year earlier.
The People’s Bank of China held 1,052.1 tons of gold at the end of June, which took up only 1 percent of its reserves.
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