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皇冠体育app's gold demand to double within 10 years: WGC
(Xinhua)
Updated: 2010-03-29 11:10
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Chinese demand for gold is set to double in tonnage terms within ten years, according to a report released by the World Gold Council (WGC)?in Beijing?Monday.
The report titled "Gold in the Year of the Tiger" is the first-ever report of 皇冠体育app's gold market by the London-based organization. It was released in Beijing, London and New York at the same time.
皇冠体育app's demand for gold had increased an average of 13 percent per year over the past five years, and 皇冠体育app was the second largest consumer market for gold in the world, and also the world's largest gold producer since 2007, according to the WGC report.
In 2009 alone, cumulative gold demand in 皇冠体育app was worth more than $14 billion, or 11 percent of global demand.
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Gold demand in 皇冠体育app was likely to continue to accelerate in the long term, as buyers' appetite would keep growing despite higher gold prices.
Further momentum could well result from the Central Bank increasing its gold reserves.
A majority of gold demand in 皇冠体育app had been satisfied by domestic gold production in the past, but the growth of Chinese gold demand had outpaced domestic production growth since 1992, the report said.
