Chinese demand for gold is set to double in tonnage terms within just ten years according to the latest World Gold Council (WGC) analysis. Chinese gold consumption was worth more than US$14billion in 2009, which is equivalent to 11% of global gold demand. Launched today, Gold in the Year of the Tiger provides an outlook for all aspects of gold's supply and demand fundamentals in China.
Marcus Grubb, Managing Director, Investment at WGC, said:
"The excitement generated by the Chinese economic growth story is not new. However, clarifying the impact of China's GDP growth trajectory on the outlook for the Chinese gold market has been elusive - until today.
"Now one of the world's largest economies, China has already rapidly become a prominent gold market.
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