In a press briefing held in Singapore Thursday, Albert Cheng, Far East managing director at the WGC, said he expects Chinese gold demand to reach 900 to 1,000 tons in 2012. Indian demand, on the other hand, should total 800 to 900 tons this year, he said. Institutional gold investors made their strongest move into the gold market last week amid signs that China's central bank is also increasing purchases and cutting its interest rates for the first time since 2008-09 recession.
According to the Industrial and Commercial Bank of China Ltd. (ICBC) gold-investment demand in China is expected to grow more than 10 percent this year.
Gold-investment demand in China may gain more than 10 percent this year as buyers seek a haven from Europe’s debt crisis and the prospect of weakening currencies, according to the country’s largest bullion bank.
“Investors here want to hold part of their assets in gold to hedge for the risks, especially now that the financial crisis has evolved into a sovereign crisis,” Zheng Zhiguang, general manager of the precious-metals department at Industrial and Commercial Bank of China Ltd., said in an interview to Bloomberg in Shanghai.
Dasha Platonova, Editor in Chief of the Asian Bureau, Rough&Polished
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