By Daniela Cambone
Kitco News
When China became the world’s largest gold market in 2013, the question that ultimately followed was, can this growth be sustained, said Albert Cheng, Managing Director of the World Gold Council.
The WGC released its latest report focused on China’s appetite for gold on Tuesday with the intent of addressing the sustainability of the market. The report found that private sector demand for gold in China is set to increase from the current level of 1,132 tonnes per year to at least 1,350t by 2017 — a growth of 20% over the next four years.
The global market should look to China as one of the engines of the global gold market, the other being India in that equation, said Cheng in an exclusive interview with Kitco News at the WGC’s headquarters in New York.
China officially became the top gold-consuming nation in 2013, as India, the previous title holder, severely restricted gold imports in an attempt to narrow is massive current account deficit.