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Chinese demand for gold dims
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CHINA’S gold demand plunged 37 percent from a year earlier in the third quarter as Chinese bought less jewelry and cut bullion investment, according to an industry report.
Gold jewelry consumption dimmed 39 percent year on year to 147 tons in the third quarter in China, while investment in bullion and coins fell 29 percent to 37.1 tons, the World Gold Council said in a report yesterday.
The decline in China may help India reclaim its status as the world’s biggest gold consumer this year as the latter’s total consumption jumped 39 percent from a year ago to 225.1 tons in the third quarter, according to the London-based industry association.
The two countries account for about 62 percent of the global jewelry consumption.
Roger Liu, director of investment for WGC Far East, said China’s gold consumption may rise in the fourth quarter, a traditionally high season, to help the country keep its annual demand at close to its five-year average of about 1,000 tons.
Meanwhile, the global demand shed 2.5 percent from a year earlier to 929.3 tons, the lowest since the last quarter of 2009.
Gold prices slumped 28 percent in 2013 and hit a four-year low of below US$1,200 per ounce this month.
Central banks remained net buyers of gold for the 15th straight quarter as they diversified their assets. But their purchases in the third quarter fell 9 percent year on year to 95 tons and compared with 118 tons in the second quarter.
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