China's gold demand down 7% in Q2
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E-mail Xinhua, August 17, 2012
![A saleswoman arranges jewelry at a shop in Qionghai, Hainan province. The World Gold Council said on Aug 16, 2012 that global gold purchases dropped 7 percent year-on-year in the second quarter, and predicted that China will be the biggest source of gold demand this year. [Photo / China Daily]](http://images.china.cn/attachement/jpg/site1007/20120817/00080282e9411197f0a609.jpg "A saleswoman arranges jewelry at a shop in Qionghai, Hainan province. The World Gold Council said on Aug 16, 2012 that global gold purchases dropped 7 percent year-on-year in the second quarter, and predicted that China will be the biggest source of gold demand this year. [Photo / China Daily]") |
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A saleswoman arranges jewelry at a shop in Qionghai, Hainan province. The World Gold Council said on Aug 16, 2012 that global gold purchases dropped 7 percent year-on-year in the second quarter, and predicted that China will be the biggest source of gold demand this year. [Photo / China Daily] |
China's gold demand shrank by 7 percent in the second quarter, after surging 10 percent in the first three months of the year.
During April-June, China's gold demand stood at 144.9 tonnes, a World Gold Council (WGC) report said, on Thursday. The demand for gold accessories went down 9 percent despite a slight rebound in demand for wedding gold products.
The global gold demand was 990 tonnes in the second quarter, down seven percent year-on-year, worth an estimated 51.2 billion U.S. dollars, down 1 percent.
India and China remain the top drivers of the global demand, accounting for 45 percent of the total demand.
Chen Weixian, who is in charge of WGC's Greater China Investment Department, said Chinese investors are waiting for chances to cash in. He still believes China will grow into the top driver of gold demand in 2012.
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