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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.
HONG KONG: China’s growing throng of affluent consumers is driving a rebound in demand for gold rings, bracelets and necklaces as a property boom and high stock market valuations boost wealth in the largest bullion market.
GEORGE TOWN: The Penang Goldsmith Association (PGA) is projecting the export of Malaysia’s gold jewellery at an estimated RM6.7bil this year, up from an earlier forecast of RM4bil in March.
KUALA LUMPUR: The Malaysia Gold Association wants investment precious metals (IPMs) and jewelleries to be exempted from the soon-to-be implemented sales and services tax (SST).