A recent World Gold Council report concludes that "China's gold market development is solid, on-going and for the long term."
Articles Tagged "china"
For over 3,000 years, the most reliable asset for wealth protection has been physical gold and silver bullion.
Bloomberg reported yesterday that according to data from the Hong Kong Census and Statistics Department, in February, China's gold imports from Hong Kong rose to 109.2 metric tons (MT), up from 83.6 MT the previous month.
Shaking off last week's flat performance, gold rose steadily this week, pushed up in large part by the escalating Ukraine situation and concern about China's economy.
Gold rose 1.3 percent or $17.77 to $1,366.90 on Wednesday, according to Reuters.
Bloomberg reported on Monday that the China Gold Association sees Chinese gold demand falling 17 percent in the first quarter of 2013 from the year-ago period.
Today, gold rose 0.3 percent, or $4.06, to $1,342.60 an ounce. Meanwhile, US gold futures for April delivery rose 0.9 percent, or $1.20, to $1,342.70 an ounce.
Dundee's Ned Goodman sees China's recent gold buying as a means for the country to eliminate the US dollar as the reserve currency.
Today, gold fell 0.2 percent, or $2.67, to $1,334.80 an ounce; meanwhile, US gold futures for April delivery dropped $2.70, to $1,335.10.
Eldorado Gold Corp. (TSX:ELD,NYSE:EGO) announced that China's CDH Investments will be acquiring a 20-percent interest in the Eastern Dragon project for US$40 million.