Demand for gold jewelry in China 13% higher in the third quarter of 2011

The Chinese don’t need a reason to buy precious metals, but it certainly helps that doing so is considered particularly auspicious around the Lunar New Year.

Celebrations surrounding the “Spring Festival,” as the holiday is also called in China, significantly boosted sales at two popular Chinese gold retailers. The Chinese celebrated the Spring Festival, marking the year of the dragon, between Jan. 22 and Jan. 28. During that week, sales at jewelers Caibai and Guohua increased 50% over last year’s Spring Festival, said Chinese news agency Xinhua, citing the Beijing Municipal Commission of Commerce.

Demand for gold jewelry in China was 13% higher in the third quarter of 2011 compared with a year earlier, the World Gold Council has said in its latest report, with the bulk of sales in smaller cities as retail chains expanded.

Gold futures prices rose 11% in January, and ended 2011 up 10%. Gold GC2J 0.09% on Wednesday settled at its highest since early December, at $1,749.50 an ounce on the Comex division of the New York Mercantile Exchange. – MarketWatch

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Posted by admin on Feb 2 2012. Filed under Gold predictions. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry