China is a fast growing economy and one of the world’s largest gold consumers, so their behaviour in the gold market is hugely influential to gold prices and production throughout the world.
(PRWEB UK) 8 February 2013
China remained the biggest global gold producer for the sixth straight year in 2012, with its gold output increasing 11.66% from the year before to reach a record high of 403.05 tonnes last year according to the China Gold Association’s announcement on Wednesday.
China’s gold output is almost one hundred times more than it was in 1949, when it produced 4.07 tonnes. China surpassed South Africa as the largest gold producer in 2007. It is currently the second largest gold consumer after India.
China’s high gold output is attributed to favourable government policies that have put the industry on the fast track.
A spokesperson from Physical Gold said:
“China is a fast growing economy and one of the world’s largest gold consumers, so their behaviour in the gold market is hugely influential to gold prices and production throughout the world. Increased gold buying in China has seen gold prices this week. Gold investment is attractive to many economies throughout the world as it offers security and a hedge against inflation.”
Physical Gold Ltd is a leading UK gold dealer, helping investors diversify their portfolios with innovative investment solutions. Renowned for their ground breaking products such as the Sipp gold and Gold Accumulation Account, the firm specialise in providing customers with tailored assistance in sourcing the best gold for their personal requirements. Based in London, the team are BNTA accredited and have an unrivalled knowledge of the gold market as well as an exceptional understanding of the general financial markets.