Latest report suggests China has become the world’s largest gold market. This country become the number one producer and consumer of gold since the market began liberalising in the late 1990s.
“China’s gold market: progress and prospects” report suggests that private sector demand for gold in China is set to increase 20% from the current level of c1,132 tonnes(t) per year to at least 1,350t by 2017. Find the report at World Gold Council.
The report reveals interesting facts:
- China middle classes are set to grow to 500 million by 2020 (currently 300 million). It’s expected that demand for gold will continue to grow
- China has become the world’s number one jewelry market, nearly trebling in size over the past decade. There are now over 100,000 retail outlets selling 24k gold and thousands of manufacturers nationwide
Official gold holdings in China totalled 1,054t at the end of 2013 making the country the world’s sixth largest holder of bullion
- China has gone from being a minor producer to the world’s largest source of mined gold