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China gold association chief talks gold down on its biggest day of the year
They haven't gotten all they want yet.
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Chinese Gold Demand Seen Flat to Lower This Year
By Nicole Mordant
Reuters
Thursday, June 19, 2014
VANCOUVER, British Columbia, Canada -- Private sector gold demand in China, which last year surpassed India to become the world's biggest consumer of the yellow metal, will be flat to slightly lower this year, a China Gold Association official said Thursday.
Demand for gold jewelry in China remains strong but interest in gold bar investments is soft compared with last year because of concerns about further weakness in the gold price, said Xin Song, president of the China Gold Association.
Although gold gained nearly 3 percent on Thursday to rise above $1,310 an ounce on the back of a drop in the dollar, bullion prices are still down 22 percent since the start of last year and a third below their all-time peak in September 2011.
"Demand will be almost the same as last year, or a little bit less. ... But for sure it will be over 1,000 tonnes," said Song, who was in Vancouver for an industry conference. ...
... For the rest of the story:
http://www.reuters.com/article/2014/06/19/gold-china-idUSL2N0P01A820140619
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