SINGAPORE: China’s shoppers and investors lost their appetite for gold this year -- and there’s little expectation of any major improvement in 2020 as slowing growth and higher prices crimp consumer spending. Economic growth in the world’s biggest gold consumer is sputtering. While Chinese shoppers may be shying away from buying gold, investors worldwide are piling in to bullion. "Back in 2017 and 2018, you had a boost in demand from more sophisticated type investors buying gold as a hedge against RMB depreciation, ” said Kavalis. The country’s imports will drop sharply this year as many Chinese investors cashed in their purchases made in 2012 and 2013 after prices rallied, said Zhang Yongtao, secretary general of the China Gold Association.

Source: The Star October 14, 2019 07:18 UTC