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Friday, 23rd October 2009 (1026 views)

Chinese imports of gold rose to 112 tonnes last year, new figures have revealed.

Speaking at the Gold Outlook 2009 event yesterday (October 22nd), Lila Lu of China Minsheng Bank said this increase was primarily down to a 176 per cent surge in investment demand and a 21 per cent rise in jewellery buying.

She added that soaring demand for the precious metal in China is unlikely to be met by domestic mine production, which totalled 282 tonnes last year, Dow Jones reports.

"Exploration investment has only picked [up] in the past two years, so mine supply output growth will not keep pace with (rising) demand," the executive explained.

Recent reports have suggested that the Chinese government is looking to encourage more citizens to invest in gold.

The country overtook South Africa as the world's top gold producing nation in 2007 and may leapfrog India in terms of gold consumption in the near future, experts say.

 

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