Gold News

Chinese buyers express confidence in gold

The Chinese appetite for gold bullion appears to show little sign of abating, according to the Associated Press.

Demand for gold jewelry in the country is rising as disposable income increases for many, the news agency reports.

While Chinese consumers generally buy gold to celebrate special occasions and holidays, many are becoming more aware of the yellow metal's properties as a hedge against economic uncertainty, one expert said.

"The stock market is not as good as before and people do not feel safe parking all their savings in banks," commented Lin Yuhui, analyst at China International Futures.

"So they tend to buy gold as a means to hedge inflationary risks."

China's status as a gold-hungry nation was underlined earlier this year when the World Gold Council confirmed that the country had surpassed the US to become the second biggest consumer of gold, behind India.

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