China gold demand rises 26 per cent in 2007

SHANGHAI: Gold demand in China grew 26 per cent in 2007 from a year earlier to 326.1 tonnes, boosted by booming jewellery consumption, the World Gold Council said on Tuesday.Chinese jewellery demand reached 302.2 tonnes in 2007, the council said in a news release, making China the world’s second-largest retail jewellery market after India. Booming Chinese demand for the precious metal helped to boost its price in London to a record high of $936.50 an ounce in early February.

Gold was quoted at $911.60/912.40 an ounce on Tuesday.

Source: The Economic Times  REUTERS, 19 Feb, 2008

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