Chinese appetite for gold increasing
Investors in China are increasingly looking to gold bullion in spite of the high price of the precious metal.
This is according to Reuters, which says that investors are viewing gold positively as a result of expectations of higher gold consumption in the country.
“In terms of investment, purchases are rising, as more people are using gold as a hedging tool. Such purchases will obviously increase in China,” said Zoe Wang, analyst at Shanghai CIFCO Futures.
Yao Haiqiao, president of Longgold Asset Management, added that he also believed the government intends to increase its own gold reserves.
Last month, Simon Black of the International Man blog said that an insider source had told him the Chinese government is taking steps to encourage citizens to buy more gold.
Chinese consumers have recently been offered extra ways in which to purchase the precious metal, thus making it easier for them to invest in gold, he stated.
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