Gold News

Gold production and demand increase in China

Demand for gold in China is likely to continue growing this year, as the country's economy continues to boom, China Daily reports.

The Asian nation is the third biggest consumer of the yellow metal, after the US and India, with demand last year totalling 259.6 tons. This was an increase of three per cent compared to 2005.

Of this, 244.7 tons was for jewelry, and 14.9 tons was for investment.

Philip Klapwijk of Gold Fields Mineral Services (GFMS) said: "Consumer demand for gold in China will continue to grow this year following consecutive increases over the past four years."

A GFMS survey also noted that China overtook Australia to become the world's third largest producer of gold last year.

Chinese regulator the National Development and Reform Commission said that production this year is likely to amount to 260 tons.


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