China consumed a total of 320.54 tons of gold in the first quarter, surging 25.6 percent year-on-year.
BEIJING(BullionStreet): A day after China Gold Association announced sharp increase in gold consumption, the trade body sees record imports of the yellow metal this year.
A top official of the CGA said country's gold imports are likely to swell further after more than doubling to an all time high in March as retail consumers pounced when prices plunged to a two-year low last month.
Zhang Bingnan, secretary-general of the China Gold Association said physical demand picked up significantly over the last couple of weeks. Consumers and industrial users tend to see price drops as buying opportunities.
"Investment demand should continue to stay strong through the rest of the year because of limited investment alternatives," said Zhang, adding that gold sales and processing volumes both spiked in April. ...