Shanghai Gold and Jewelry Trade Association said they expect a surge in jewelry demand during the rest of this year and start of next, as the Christmas and New Year holidays approach.
BEIJING(BullionStreet): "A day after a World Gold Council report said China's gold demand dropped 8 percent in the third quarter, experts are hopeful of a recovery in the fourth quarter.
"According to Albert Cheng, WGC managing director in charge of the Far East region, Chinese demand will recover in the fourth quarter, as the new leadership in the country is expected to roll out stimulus measures, and as the holiday gift-giving seasons approach.
"He said despite the dip, consumer demand as a whole stayed 23 percent above the five-year quarterly average, confirming the long-term strength of the world's second-biggest gold market.
"Shanghai Gold and Jewelry Trade Association said they expect a surge in jewelry demand during the rest of this year and start of next, as the Christmas and New Year holidays approach.
"Association sees changes in Chinese buying habits, as consumers tend to buy gold jewelry in batches, as an investment. Investment managers said they had seen more demand for gold bars and commemorative coins, than for gold-backed exchange-traded products. ..."
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