Chinese Demand for Gold Bars Climbs by Half on Hunt for Havens
- Bar sales surge 51%, while jewelry demand remains high: group
- Domestic output drops on environment curbs, resource depletion
iiTrader's Baruch Sees Gold Rolling Through $1,300
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Demand for gold bars in China, the world’s biggest bullion market, soared by more than half in the first six months of the year as investors sought a haven from financial and geopolitical risks.
Sales climbed 51 percent to 158.40 metric tons from a year earlier, the China Gold Association said in a press statement sent via Wechat on Friday. Overall gold consumption climbed almost 10 percent to 545.2 tons, including 330.8 tons for jewelry sales, while industrial demand and other uses increased 9 percent.