The WGC sees domestic demand for gold jewelry and investment driving 20 percent growth in Chinese gold demand during 2012.
Some Chinese gold officials believe some 5000 tons more of gold will be amassed in China over the next 5 years.
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More significantly, however, these inflation concerns have stoked Chinese gold investment demand, increasing nearly 70% in 2010 according to the World Gold Council.
There have been other recent reports from the gold bull gang crowing that Chinese gold consumption will double over the next decade due to jewelry consumption.
While jewelry represents a large percentage of gold purchases in the country, Chinese can also purchase gold at their local bank.
Last week, it was reported that Chinese demand for gold had doubled, finally exceeding India.
This is a period that typically leads to improved Chinese demand for gold.
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Besides the Chinese data, gold and other commodities also are drawing support from a softer U.S. dollar, said Bob Haberkorn, senior commodities broker with R.
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In the case of gold, traders see potential for a pick-up in Chinese inflation, which may trigger buying of gold as an inflation hedge by Chinese citizens.
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Such a rise, in turn, would raise domestic gold costs for Chinese households, now second only to Indian consumers as a global force in the gold market.
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Chinese consumer demand for gold has more than doubled in the past 5 years.
In 2008 he projected the Chinese would collect 40 gold medals and 79 overall.
Across the Chinese retail sector, gold, silver and jewelry demand was the strongest performing segment in 2011, says J.
As the skeptics move to the sidelines and Chinese demand persists, gold will be an attractive investment for the foreseeable future.
Average Chinese investors are buying gold as a hedge against inflation, according to a feature story in China Daily on Tuesday.
This year, fears of inflation have driven many Chinese investors to include gold in their portfolios as a store of value.
Instead, the Chinese finished with 51 gold medals and 100 overall.
Then, add in the Chinese love affair with gold.
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Not only are Chinese purchasing increasing amounts of gold, they prefer pure 24-carat gold.
The recent large purchases of gold by the Chinese and Russian central banks, along with the investment hype, could trigger inflation expectations.
Whether through gold bars or bracelets, gold demand from Chinese households has risen since Jan. 2000 at a compound average growth rate of 8.9% year-on-year.
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Pre-Columbian animal figures went in, along with prehistoric "mirrors" of hammered gold, ancient Chinese faces carved from jade and antique jewelry with rubies and emeralds.
These would be shipped not to Europe but mostly to Japan--blocked by Beijing from direct trade with China--where they would be exchanged for the silver that was worth as much as gold to the Chinese.
As correlation with U.S. equities and risk assets fall in tandem with stronger demand, particularly ahead of the Chinese Lunar New Years, gold could be moving toward the safe haven side, positioning the metal well ahead of market volatility and political risk.
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And it is an integral part of the pro-gold preference by the Chinese public and its government.
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Further, soft Chinese economic data overnight also undermined gold, said Carlos Sanchez, director of risk management with CPM Group.
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Last year, World Bank chief Bob Zoellick called for a return to the gold standard, while Chinese officials have been calling on the US to fix its finances so as to correct global imbalances.
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He changed the face of the Games forever by being the first Chinese man to ever win a track gold medal, with victory in the 110m hurdles.
The Chinese stars, who also won Olympic gold in Sydney, are seeded fourth here but had too much quality for top seeds Lee Jae-Jin and Lee Hyo Jung in Saturday's second semi-final.
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Chinese and Indian buyers have snapped up gold at the discounted prices, but market watchers added that this needs to continue if the yellow metal is to at least sustain some kind of floor.
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