China likely to import more gold next year

A Chinese gold industry expert says gold imports to the country are likely to rise next year as investment demand grows.

Gold consumption in China has risen by more than 50% in the past five years, Zhang Weixing said. He estimates that Chinese gold reserves are at about 4,000 tonnes and that the People’s Bank of China holds about 600 tonnes.

Spot bullion is currently trading at $750.90 per ounce.