BEIJING. Gold investment in China which is the second largest consumer after India, will grow higher than 40% to 50% this year. The reason, investors increased purchases of the precious metal as a hedge assets, said the World Gold Council.
"Investors lack of alternative investments," said Wang Lixin, deputy board of China on Thursday (17 / 2). According to him, the projection is a conservative estimate.
Gold reached a record in December and jumped nearly 30% last year when the U.S. dollar fell. China's inflation rose to 4.9% in January.
"The primary motivation behind this request is the concern over domestic inflation pressures and poor performance of alternative investments, combined with the hope of further gains in gold prices," said the council in a report released today.
On the London Metal Exchange (LME) spot price of gold at U.S. $ 1,376.66 per troy ounce rose 2.14 points, or 0.15% from the position yesterday.
"Investors lack of alternative investments," said Wang Lixin, deputy board of China on Thursday (17 / 2). According to him, the projection is a conservative estimate.
Gold reached a record in December and jumped nearly 30% last year when the U.S. dollar fell. China's inflation rose to 4.9% in January.
"The primary motivation behind this request is the concern over domestic inflation pressures and poor performance of alternative investments, combined with the hope of further gains in gold prices," said the council in a report released today.
On the London Metal Exchange (LME) spot price of gold at U.S. $ 1,376.66 per troy ounce rose 2.14 points, or 0.15% from the position yesterday.
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