China continues to improve its position in the world gold market and influencing on the price of gold
It's no secret that China has established the status of “economic phenomenon” of today in the gold market. China has become the leader in the gold consumption. The investments in the development of gold mining have grown over a long period of time and had a significant impact on the price of gold.
Analyzing the data for the past few years, analysts have predicted that the growth of gold mining in China will reach 450 tons in 2015. One of the reasons they consider are the government's plans to merge the companies specialized in mining. This would give the opportunity to compete with larger companies in this sphere, for example, Barrick Gold.
Today the situation is as follows: the import of the yellow metal from Hong Kong to mainland China increased in September to a maximum of the past five months. According to experts, this is due to the fact that sellers and manufacturers of jewelry began to buy more gold with the approaching of holiday sales.
The net import of the yellow metal in September reached almost 62 tons. From April 2014 this is the maximum amount, based on the Bloomberg's data. While still in August the import totaled just over 25,5 tons. However, this is only approximate information estimated by the agency since the real data on the actual gold reserves of China is a state secret.
Along with the increase in the gold import, the volume of jewelry sales also showed its growth. The increase amounted to 11.4% if compared to last year. It is worth noting that the price of gold steadily increased during the entire first half of this year. Experts attribute this to the geopolitical tension in several countries.
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Category: Gold news Publication date: 2014-10-30 13:36
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