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China gold demand to double, mines may drain : WGC (29-03-10)

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China gold demand to double, mines may drain : WGC (29-03-10)

World Gold Council on Monday said world’s largest gold producer China’s gold demand is expected to double over the next decade.

In a report, WGC said China’s domestic gold demand is expected to double from current levels over the next decade due to jewellery consumption and investment needs.

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But China’s domestic gold mines may be exhausted within six years, the council said

“In jewellery, the Chinese per capita consumption is one of the lowest at 0.26 grams when compared to countries with similar gold cultures. If gold were consumed at the same rate per capita as in India, Hong Kong or Saudi Arabia, annual Chinese demand could increase by at least 100 tonnes or as much as 4,000 tonnes in the sector alone,” it said.

If the Chinese central bank boosts gold holdings to 2.2 percent of forex reserves, “it could amount to a total incremental demand of 400 tonnes at the current gold price,” the report added.

China is the world’s second-largest gold consumer after India.

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