[miningmx.com] – INCREASED demand for gold from China is expected to lift the price of the metal to $1,200/oz compared to $1,142/oz currently, said Reuters which interviewed the chairman of Zijn Mining Group.
Chen Jinghe told Reuters, however, that his country’s economic slow-down would persist over the next two to three years which would keep the prices of commodities, such as gold, in check.
“China’s government is expected to further increase gold reserves as it takes a very small portion of foreign exchange reserves, and demand from jewelry buying and manufacturing will also pick up,” said Jinghe in the interview.
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