[miningmx.com] – BUYING by central banks as well as Chinese investors seeking protection from a weakening currency helped lift demand for gold in the final quarter of last year and the trend looks set to continue, said Reuters citing a report by the World Gold Council (WGC).
China remained the world’s biggest consumer of gold last year, ahead of India, with economic headwinds influencing purchasing, the WGC said in its annual “Gold Demand Trends” report.
Chinese demand for gold coins surged 25% in the fourth quarter from a year earlier as consumers sought to protect their wealth after Beijing devalued the yuan currency. But stock market turmoil and a slowing economy knocked consumer sentiment and Chinese demand for gold for jewellery fell 3% from a year earlier, WGC said.
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