Albert Cheng News
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Huaan Asset Management Co. aims to attract as much as $400 million in initial funding for one of China’s first two gold exchange-traded funds as a drop in prices attracts buyers in the second-biggest consumer of bullion.
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The premium paid by gold buyers in Vietnam, the largest user in Southeast Asia after Thailand, will extend declines from a record after banks complete the return of bullion deposits to investors this month.
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Gold investment demand in China is likely to top a record 200 metric tons this year, the World Gold Council said.
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Gold demand in China may surge as much as 30 percent this year as rising incomes boost consumption, helping the country topple India as the world’s largest bullion market on an annual basis, according to the World Gold Council.
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Gold demand in China, the second- largest user after India last year, may expand 13 percent to 870 metric tons in 2012, the World Gold Council said, dropping a forecast for consumption to reach as much as 1,000 tons.
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China’s gold imports jumped almost fivefold in the first 10 months from the entire amount shipped in last year as concern about rising inflation increased its appeal as a store of value, said the Shanghai Gold Exchange.
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Gold imports by China may increase after investment demand more than doubled in the first quarter, with the country overtaking India to become the largest market for gold coins and bars, the World Gold Council said.
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Gold demand in India, the world’s biggest bullion importer, is poised to fall for a second year as consumers cut spending and hoard cash amid a slowdown in the economy, the World Gold Council said.
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Bloomberg's Rishaad Salamat speaks to Albert Cheng, managing director at the World Gold Council, about global gold demand.
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Gold demand in Vietnam, which consumes more of the precious metal per head than India and China, is set to surge as the third devaluation in the past year and a stock-market slump combine to spur sales.
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