Allure still shines for nation's consumers

Updated: 2011-05-01 07:22

By Gan Tian (China Daily)

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Allure still shines for nation's consumers

Since ancient times, the Chinese have had a deep affection for gold, and after the past 30 years of booming growth in the country, they are again among the top global consumers.

The nation surpassed the US to become the second-biggest retail gold market in the world after India in 2007, according to a research report of the World Gold Council (WGC).

In 2009, Chinese buyers purchased 73 tons of bullion, up from 18 tons in 2007.

Last year consumer demand in the Chinese mainland, Taiwan and Hong Kong reached 607.1 tons in total, 428 tons of it in jewelry and 179.1 in bars and coins, according to WGC figures.

It is also a popular investment for those wary of the stock market.

Sun Lixi, 29, invested in a few gold products a few years ago when stocks and funds hit a bad patch.

"I think gold is enjoying good earnings. The price I bought at was 90 yuan ($14) per gram, but now it is worth 365 yuan ($56) a gram," he says.


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