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Chinese Gold Demand Jumps

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gold July 7, 2010 (Chinavestor) The Shanghai Gold Exchange said Chinese demand for the yellow metal rose in the first half of this year as the Shanghai Composite fell and the government made efforts to cool China's real estate market, forcing investors to seek out returns in other asset classes.

The exchange said the volume of gold traded rose 59% to 3,174.5 metric tons through the end of June. Silver saw a dramatic increase in trading volume on the exchange of 600%. Gold for immediate delivery has risen for nine years and touched an all-time high of $1,265.30 an ounce on June 21, Bloomberg News reported. Gold is currently trading around $1,190 an ounce.

The China Gold Association expects Chinese demand for gold to rise 11% to 12% this year to 440 to 450 tons. Sales of gold products such as bars and coins by China National Gold Group Corp., owner of the country’s largest gold deposit, jumped as much as 40 percent in the past six months, Bloomberg reported.

China is the second-largest consumer of gold in the world and produced 313 tons of gold in 2009.



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