Chinese demand for gold dropped sharply from record levels amid a government crackdown on corruption, Financial Times reported, citing the media. New data from the World Gold Council, showed purchases of jewellery and gold in China totalled 192.5 million tonnes in the three months to June, down 52% from the same period a year ago. Soaring purchases in 2013 helped China overtake India as the world largest gold consumer for the first time. The buying frenzy was sparked by the 28% fall in the precious metal’s price last year. This year, however, bullion has stabilised, rising 9% to RMB8,068 (US$1,312) a troy ounce.
You must log in to post a comment.