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China set to take centre stage in gold market
Posted By kurtnimmo On September 28, 2010 @ 9:52 am In World News | Comments Disabled
September 28, 2010
The easing of restrictions on China’s gold imports should boost its influence on global bullion trade as Chinese investors turn to the open market to satisfy their hunger for the metal, the World Gold Council said.
Chinese gold demand is expected to show at least single digit percent growth this year at a time when high prices are curbing buying in other major physical markets like India, the WGC’s Far East managing director Albert Cheng said on Tuesday.
This is likely to mean the shortfall between Chinese supply and demand, which stood at 144 tonnes last year according to figures produced by the WGC, increases even further.
“There is already a gap, and this gap will widen,” Cheng said on the sidelines of the London Bullion Market Association conference in Berlin.
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