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Monday 18.12.2017 | Name days: Klinta, Kristaps, Kristofers, Krists

China emerges as world's top gold buyer

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The Chinese have ranked the first in the world in terms of buying gold bars and coins, acquiring nearly 91 tons of gold in the first quarter of 2011.

Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUSo, regarding gold purchases, China is now outpacing India, as the country owns one-fourth of the world’s bullion market, while India – 23%, informs PBK Daily.

From January to March, Chinese businessmen bought 90.9 tons of gold in form of bars, coins and jewelery. This figure exceeds the preceding quarter’s data by 55% and is twice as big than the total figures last year.

Experts point out in this way the Chinese are trying to protect their assets from 5.3% inflation, contrary to the government’s projected 4%.

Over the last year, China produced 340 tons of gold, while the demand formed around 700 tons. So the gap between demand and supply reached approximately 350 – 360 tons, which was covered by the import.

Their large interest in gold has also left an impact on the global gold prices. Last month, the price of gold peaked 1 512.47 dollars per ounce.

However, it started to plummet soon after investors tried to get rid of this precious metal.

 


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