China’s gold demand this year is likely to be flat compared to 2013, with an economic slowdown and constrained credit markets keeping mainlanders’ appetite for the yellow metal in check, the Wall Street Journal reported Tuesday, citing a World Gold Council (WGC) official.
“We’re looking at best for it to be on par with 2013,” Albert Cheng, managing director for the Far East at the WGC, was quoted as saying. The council is releasing its latest report on China’s gold market Tuesday.
Although the report doesn’t offer a figure for estimated Chinese gold demand this year, it says 2014 will be a year of consolidation. “Chinese consumers brought forward jewelry and bar purchases, which may limit growth in demand in 2014,” the report said.
Cheng pegs China’s private-sector gold consumption, a category that includes jewelry, bullion and industrial demand, to remain roughly at the 2013 level of 1,187 metric tons, the Journal said.
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