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Gold demand to recover in fourth quarter: experts

By Gao Changxin (China Daily)

09:22, November 16, 2012

(Xinhua Photo)

Experts remain confident that gold demand in China will recover in the fourth quarter - hopeful that the country's new leadership might introduce economic stimulus measures and the holiday gift season prove a benefit - after falling in the third quarter.

The World Gold Council said in a report on Thursday that demand for the metal in China dropped 8 percent, to 176.8 metric tons during the period.

The demand drop was part of a broader decline in global gold demand, which declined 11 percent to 1,084.6 tons from 1,223.5 tons in the same period last year. Global supply also dipped 2 percent to 1,188.3 tons.

The council's figures show that Chinese demand for jewelry dropped 6 percent as consumers delayed purchase plans, hoping for a price decline.

For the same reason, sales of bars and coins for investment purposes in the third quarter dropped 12 percent from a year earlier.

Despite the dip, consumer demand as a whole stayed 23 percent above the five-year quarterly average, confirming the long-term strength of the world's second-biggest gold market, the report said.

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