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China's gold demand down 8% in Q3

Nov. 16, 2012 (China Knowledge) - China saw its investment and jewellery demand for gold decrease 8% YoY to 176.8 metric tons in the third quarter of this year, according to the latest report released by the World Gold Council.

According to a report, investment demand in China dropped 12% YoY to 53 metric tons in the period or worth RMB 17.9 billion.

China's jewellery demand decreased 6% from a year to 123.8 metric tons in the third quarter of this year. In terms of currency, the country's jewellery demand declined 9% YoY to RMB 41.8 billion.

Albert Cheng, World Gold Council Far East Managing Director, said China's gold demand is likely to recover in the fourth quarter with the coming holiday gift season.

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