国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Industries

China's gold consumption surges

(Xinhua) Updated: 2014-02-11 16:53

China's gold consumption surges

A gold statue made to commemorate Year of the Horse (starting as of Jan 31, 2014) on display at a jewelry shop in Handan, Hebei province. [Hao Qunying / For China Daily]


BEIJING - China's gold consumption surpassed the 1,000-ton mark last year as domestic demand for jewelry and bars surged despite the lackluster global market.

Consumption soared 41.36 percent year on year to 1,176.4 tons in 2013, nearly triple the amount of its total domestic gold production, data released by China Gold Association (CGA) showed on Monday.

The figure is likely to mean that China will take the place of India as the world's largest gold consumer, under the backdrop that shrinking gold prices and concerns that the Federal Reserve might withdraw its quantitative easing stimulus had dampened market sentiments last year.

The marked increase was mainly attributed to the country's surging demand for gold jewelry and bars, which increased 42.52 percent and 56.57 percent year on year to 716.5 tons and 375.73 tons respectively.

In the second quarter of 2013, the international gold price dropped to around $1,400 per ounce from the $1,600 level, prompting Chinese consumers to go on a shopping spree.

The frenzied purchases nearly exhausted the gold inventory of China's jewelers and coined the word "dama" referring to Chinese middle-aged bargain-hunting women, the main purchasers.

Chinese "dama" contributed greatly to the increase in 2013, which was much higher than the around 10-percent growth in 2012.

However, China's interest in gold was contrary to the international market, as the price of gold plunged to below $1,200 per ounce by the end of 2013, dubbed as the cost line of gold production.

The increase of gold consumption may slow this year because of weak market outlook, Beijing Times quoted Xiao Lei, a gold market analyst, as saying on Tuesday.

Nevertheless, analysts believe sales of gold bars and jewelry would keep rising in the next three to five years boosted by the increasing income of Chinese citizens, according to the report.

Data from CGA also showed that consumption of gold coins, often bought for collection and gifts, dropped 1.07 percent year on year to 25.03 tons, as the country capped central and local governments' budgets and continued with its anti-corruption campaign.

China produced 428.16 tons of gold in 2013, up 6.23 percent year on year and making it the world's largest producer for the seventh straight year, data from the association showed.

China's central bank announced on Monday to keep the country's gold reserve at 1,054 tons, flat for the fifth straight year.

Hot Topics

Editor's Picks
...
...
吉隆县| 江都市| 两当县| 疏附县| 凤翔县| 三台县| 集贤县| 健康| 越西县| 将乐县| 循化| 邓州市| 长治市| 姚安县| 潍坊市| 加查县| 诸暨市| 宁南县| 神池县| 德保县| 宜兰县| 芜湖市| 乐业县| 大名县| 亳州市| 钟山县| 玉树县| 安新县| 九江市| 宜城市| 施甸县| 民丰县| 丰台区| 桦南县| 太和县| 项城市| 天柱县| 永登县| 如皋市| 徐州市| 巢湖市|