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Friday, 20th July 2007 (4646 views)

Demand for gold in China rose by three per cent since 2005, totalling 259.6 tonnes in 2006, it has been reported.

The Associated Press reveals that China's gold production also rose by eight per cent in 2006, seeing the country move ahead of Australia, according to a study by Gold Fields Mineral Services (GFMS).

London-based precious metals consultancy Gold Fields also revealed that China is the third largest consumer of gold in the world behind the US and India.

Demand for gold in 2006 included 244.7 tonnes for jewellery - a growth of one per cent - and 14.9 tonnes for investment - a rise of 27 per cent

"Consumer demand for gold in China will continue to grow this year following consecutive increases over the past four years," commented Philip Klapwijk, executive chairman of GFMS.

Meanwhile, China's National Development and Reform Commission has reported that that total gold production in China will reach 1,300 tonnes between 2006 and 2010.

 

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