China world’s top gold consumer for 7th straight year as sales cross 1,000 tonnes
13 Feb 2014 1:28 AM GMT
China's gold consumption touched 1,176.4 tonnes from 832.2 tonnes, a year-on-year increase of 41.4 per cent, latest statistics released by China Gold Association showed.
The statistics show although the gold output and consumption in China have been setting new records, the gap between the consumption and output has grown wider and wider, state-run Xinhua news agency reported.
In 2007, the total gold output of gold was 270.5 tonnes and the consumption 327.6 tonnes.
While in 2013, the total gold output was 428.2 tonnes, and the consumption 1,176.4 tonnes, ranking first in the world for seven consecutive years.
In 2013, a total of 11,614.5 tonnes of gold products were traded on the Shanghai Gold Exchange, with a turnover of 3.2 trillion yuan. And a total of 40.2 million gold future contracts were traded on the Shanghai Futures Exchange, with a turnover of 1.1 trillion yuan. Xiao Lei, a senior researcher of the gold market, explained that the surge in demand for gold jewelleries and gold bars had much to do with the buying spree in China after the dropping of gold prices.
The sales growth in gold jewelleries and gold bars suggested a major change in Chinese people's demand.
‘The jewellery consumption still has plenty of room for growth. Right now, the average possession of gold in China is less than one-fifth of the global average and less than one-tenth of the average of developed countries. Like the automobile consumption in China ten years ago, the growth of the gold jewellery consumption has just begun,’ he said.
Delhi Gold, silver rates fall on profit selling, global cues
New Delhi: After two days of gains, gold prices dropped by Rs 50 to Rs 30,750 per ten gram in the national capital on Wednesday on emergence of profit selling by stockists at existing higher levels amid weak global trend. Silver too fell by Rs 190 to Rs 44,940 per kg on lack of buying support from industrial units and coin makers. A weak trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity slipped by Rs 60 each to Rs 30,540 and Rs 30,390 per ten gram respectively, while silver lost Rs 200 at Rs 45,600 per kg. Traders said besides profit-selling by stockists at higher levels, a weak global trend dampened physical demand and led to decline in prices of precious metals. Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.6 per cent to $1,284.15 an ounce and silver lost 0.3 per cent to $20.16 an ounce. In addition, investors shifting their funds from bullion to rising equities for quick gains also reduced the precious metals demand to some extent, they said. On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 30,750 and Rs 30,550 per ten gram, respectively.
The statistics show although the gold output and consumption in China have been setting new records, the gap between the consumption and output has grown wider and wider, state-run Xinhua news agency reported.
In 2007, the total gold output of gold was 270.5 tonnes and the consumption 327.6 tonnes.
While in 2013, the total gold output was 428.2 tonnes, and the consumption 1,176.4 tonnes, ranking first in the world for seven consecutive years.
In 2013, a total of 11,614.5 tonnes of gold products were traded on the Shanghai Gold Exchange, with a turnover of 3.2 trillion yuan. And a total of 40.2 million gold future contracts were traded on the Shanghai Futures Exchange, with a turnover of 1.1 trillion yuan. Xiao Lei, a senior researcher of the gold market, explained that the surge in demand for gold jewelleries and gold bars had much to do with the buying spree in China after the dropping of gold prices.
The sales growth in gold jewelleries and gold bars suggested a major change in Chinese people's demand.
‘The jewellery consumption still has plenty of room for growth. Right now, the average possession of gold in China is less than one-fifth of the global average and less than one-tenth of the average of developed countries. Like the automobile consumption in China ten years ago, the growth of the gold jewellery consumption has just begun,’ he said.
Delhi Gold, silver rates fall on profit selling, global cues
New Delhi: After two days of gains, gold prices dropped by Rs 50 to Rs 30,750 per ten gram in the national capital on Wednesday on emergence of profit selling by stockists at existing higher levels amid weak global trend. Silver too fell by Rs 190 to Rs 44,940 per kg on lack of buying support from industrial units and coin makers. A weak trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity slipped by Rs 60 each to Rs 30,540 and Rs 30,390 per ten gram respectively, while silver lost Rs 200 at Rs 45,600 per kg. Traders said besides profit-selling by stockists at higher levels, a weak global trend dampened physical demand and led to decline in prices of precious metals. Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.6 per cent to $1,284.15 an ounce and silver lost 0.3 per cent to $20.16 an ounce. In addition, investors shifting their funds from bullion to rising equities for quick gains also reduced the precious metals demand to some extent, they said. On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 30,750 and Rs 30,550 per ten gram, respectively.
Next Story
