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CASH might be king, but gold could again rule. Amid a struggling stock market, rising prices and uncertain prospects in the property sector, many Chinese people think that gold is the safest and most reliable asset.
SINGAPORE, Aug 12 (Reuters) - China's consumption of gold in the first six months of the year surged by more than half as sliding prices of the metal lured buyers, data showed, reinforcing expectations that the nation will overtake India as the world's top gold consumer this year.
China's central bank is planning to increase the number of firms allowed to import and export gold and will also ease restrictions on individual buyers of the precious metal, according to a draft policy document issued on Monday.
SHANGHAI: China's demand for gold bars fell nearly 44% in the first quarter of 2014 from year ago, even as total gold consumption edged up about 0.8% during this period, the China Gold Association said on Wednesday.
HONG KONG: China should increase its gold holdings to around 5% of its total foreign exchange reserves to help diversify currency risks, the World Gold Council (WGC) said.
PETALING JAYA: It appears that Malaysians are not going for gold with the Malaysia Gold Association predicting almost a 30% drop in demand after the Goods and Services Tax begins.