Chinese gold demand declined 37% in last quarter year-to-year, as sales of gold bar, gold coin and ornament falls, according to the report released by World Gold Council.
The report said that Chinese gold demand decreased to 182.7 t. The gold ornament consumption declined 39% to 147.1t. The demand of gold bar and gold coin falls 30% to 35.6t.
Gold price in Shanghai market declined 9% in Q3. The decline increased 7.7% year-to-year.
China gold ornament market seeks to normalize after the rapid growth in 2013. Chinese demand on gold returns to normal levels.
India is the only Asian economic entity with more gold sales than China. In 2013, China ever took India’s place to be the largest gold consuming country.
Goldman Sachs believes that gold price will keep falling with American economy recovery and a strengthening dollar.
