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China’s Gold Demand Jumps in 2010

Apr 27, 2011 11:21 AM   By Ricci Dipshan
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RAPAPORT...   China experienced a 21 percent year on year rise in gold demand  to 571.5 metric tons in 2010, according to statistics released by the China Gold Association. Demand for gold jewelry increased better than 5 percent to 357.1 metric tons and demand for gold coins jumped 55 percent to 16.61 metric tons. 

China's demand for gold bars also experienced very strong growth, rising 94 percent year on year to 141.9 metric tons, while gold consumption by the industrial sector increased 18 percent to  47.4 metric tons, and gold consumed for other purposes grew 15 percent.

The country also maintained its position as the world’s largest gold producer for the fourth consecutive year with gold output increasing by 26.9 metric tons or nearly 9 percent to 340.9 metric tons, as gold mines in the country produced 280.04 metric tons of gold, 7.3 percent more than in 2009.  By-product gold from nonferrous smelters also grew 15 percent to 60.84 metric tons.   In 2010, the gold industry realized $3.9 billion (CNY 24.87 billion) in profits, or an increase of 78 percent.

China is ramping up its gold demand as a way to fight against inflation amid complicated global economic environment.  The World Gold Council expects that China's annual gold consumption will have the potential to double in the next 10 years.

Tags: China, China Gold Association, demand, gold, Ricci Dipshan, The World Gold Council
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