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Gold Demand in China May Gain to Record, Bullion Bourse Says

  • Financial-market turmoil, devaluation seen boosting demand
  • `Investors still prefer gold,' Chairman Haywood Cheung says
General Gold Images At Tanaka Kikinzoku Kogyo K.K. Store
Photographer: Kiyoshi Ota/Bloomberg
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Gold consumption in mainland China may match or exceed the record in 2013 after financial-market turmoil and the yuan’s devaluation boosted the metal’s appeal, according to the Chinese Gold & Silver Exchange Society, which also saw higher sales at jewelers in Hong Kong.

Buying in mainland China, which vies with India as the world’s largest consumer, picked up after the stock-market turmoil this year and August’s surprise devaluation, according to Haywood Cheung, chairman of the supervisory committee at the century-old bullion bourse. Demand in Hong Kong may expand 25 percent this half after a lackluster first six months, he said in an interview.