China beats India in gold demand 2009-08-25 14:05:00
BEIJING (Commodity Online): Even as the world's biggest consumer of India is
shying away from buying gold jewellery, China is emerging as the world
leader in yellow metal market.
According to a recent report, demand for gold jewellery in China grew in the
second quarter, driven mainly by the country's better-than-expected economic
growth.
The demand rose 4 per cent annually to 78.7 tonnes in the second quarter in
China.
There was an even stronger year-on-year growth in demand on the Chinese
mainland of 6 per cent, which boosted its appetite for gold jewellery to
72.5 tonnes in the period, it said.
China's mainland proved to be the most resilient among global jewellery
markets, said the WGC.
The mainland stands out in comparison to the 26 per cent decline recorded
across the rest of the world. The relative stability of the yuan and China's
economic growth have been instrumental in propping up jewelry demand.
A surge in bank lending has helped cushion the impact from the global credit
crunch, while an aggressive stimulus package has underpinned the domestic
economy.
China's economy grew 7.1 per cent in the first half, with a
better-than-expected growth of 7.9 per cent in the second quarter.
The 24-carat gold market is the most resilient while demand for 18-carat
jewelry has eased.
The lackluster 18-carat gold jewellery market may be due to a shift in
consumer preferences toward platinum, which has benefited from a price fall
of about 40 per cent at the retail level this year.
The retail gold investment rose 47 per cent on the Chinese mainland to 17.1
tonnes in the second quarter.
Best Regards
Millet Bobin
Relationship Manager
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