The council believes that private sector demand for gold in China will rise to at least 1,350 tonnes by 2017 as the population becomes wealthier. The forecast also comes as China overtakes India to become the world’s largest gold-consuming nation.
The World Gold Council says China is at the "centre of the global gold eco-system", as rapid urbanisation creates a rising middle class. Chinese customers bought 1,132 tonnes of gold last year, in jewellery as well as gold bars and coins for investment.