Gold News

Chinese Gold Investment demand 'to soar in next three years'

The head of a major Chinese gold jewelry firm has claimed that demand for the yellow metal in the country will rise considerably in the next two to three years, Bloomberg reports.

According to Hong Kong Resources Holdings, gold and silver jewellery sales in China increased by 16 percent in the first nine months of the year, largely influenced by middle-class buyers.

Chairman Kennedy Wong explained that these consumers, who are prospering in China's booming economy at present, are likely to continue Investing in Gold in the future.

"The Chinese have only [just] started to buy gold as an investment product, and there's huge room for this sector as the middle class grows," Mr. Wong, whose company has 219 jewelry outlets in mainland China, told the news provider.

Those comments come after Darren Heathcote, head of trading at the Australian section of international specialist bank Investec, also endorsed the value of making a Gold Investment.

Speaking to Bloomberg last week, he noted that buying levels look set to be maintained by the ongoing weakness in the dollar, which tends to move in the opposite direction to gold prices.

"There are long positions building up. There's a pretty good reason for it as we continue to see the US dollar weaken daily," he told the news provider.

"The market is becoming more comfortable with diversification and more people are looking to get gold."

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