SHANGHAI (Scrap Register): Chinese gold demand was significantly higher again last year, according to the latest figures released by the China Gold Association.
The data from the China Gold Association showing that Chinese gold demand grew by 9.4% to 1,089 tons in 2017.
Demand for gold jewellery in China were up 10.35 percent to 696.5 tons, while those of gold bars – bought as a safe-haven investment in times of geopolitical uncertainty – were up by 7.28 percent to 276.39 tons.
“The figures reported by the CGA are well above the estimates of the World Gold Council, which had projected gold demand of 850-950 tons in 2017,” said analysts at Commerzbank in a snippet.
Meanwhile, Chinese gold production declined by 6% to 426 tons last year. Commerzbank noted that the CGA attributes the decline to mine closures and the withdrawal of mining rights.
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