China’s Gold demand climbs by 5.7% to 1,151 tons in 2018: CGA
SHANGHAI (Scrap Register): With Chinese markets closed for the country’s New Year celebration, Commerzbank lists a number of statistics to show the state of the country’s gold market.
The bank cited data from the China Gold Association showing that the nation’s demand grew by 5.7% to 1,151 tons last year.
“As such, growth was significantly lower than a year earlier,” Commerzbank says. “Though demand increased, supply decreased by almost 6%. For years, China has been using imports to plug the gap. Last year, Hong Kong and Switzerland were the main suppliers.”
Commerzbank notes that the gold demand reported by the China Gold Association is almost 200 tons higher than the one from the World Gold Council.
“That said, the WGC’s figure does not include China’s industrial gold demand, which grew sharply last year,” Commerzbank says. “This year, it expects Chinese gold demand to remain largely unchanged at 950-1,000 tons.”