By Nat Rudarakanchana
International Business Times
Demand for gold in China, which broke consumer records in 2013, could reach new heights in 2014, according to some analysts.
That may surprise investors who wonder whether yearly Chinese gold consumption of over 1,000 metric tons is sustainable. Record Chinese buying was driven partly by steeply lower prices in 2013, as Chinese bargain hunters snapped up coins, bars and jewelry.
New York’s CPM Group projects that net Chinese gold demand, which sums investment and consumer demand, will rise to over 44 million ounces in 2014, up from 41 million ounces last year. An ounce of gold cost $1,292 in New York on Friday.
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