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People's Daily Online>>China Business

Promising gold market in China


16:16, February 20, 2012

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BEIJING, Feb. 20 (Xinhuanet) -- Gold hit a high of 850 dollars an ounce in the 1980’s and averaged 418.50 during the following decade, according to Bloomberg data. However, in the 2011 gold hot, consumers had come to sell their gold jewelry bought in the past in exchange for cash.

“More and more people who bought gold and jewelry in the 1980’s and 1990’s are selling back what they purchased,” said Kotaro Horita, who trades precious metals at Mitsubishi Materials Corp. which has a hundred years of history and enjoys a good reputation among the Japanese consumers.

The reason? Japan is planning to increase its export of gold to Southeast Asia, especially China, he added.

Looking at the average price of gold, most of the time in the past 20 years was a bit miserable. In 1990, gold was down to 639.92 dollars per ounce from 1,625.52 per ounce 10 years ago, when it was basically regarded as the bottom. But it further went down to 352.29 dollars in 2000.

Truly out of the gold price continued falling and rising, an important cause is Indian and China's growing spending power.

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