EnglishChina"s demand for Gold could double in the next decade, fueling a rise in prices, according to a prediction by the World Gold Council (WGC).
"China has an insatiable demand for gold, a trend that is likely to continue in an environment in which the supply of domestic mines will not be able to keep up with demand", a report by the WCG notes.
Over the last five years, China"s gold demand has increased by 13% a year on average. China currently is the world"s largest gold consumer, and at the same time, the largest producer since 2007, according to the WGC.
In 2009, China"s demand for gold was 14 billion dollars, the equivalent of 11% of the global demand.
In the long run, China"s gold demand will continue to grow, despite rising prices. Also, demand could be boosted by the Chinese Central Bank increasing its gold reserves.
Last year"s China"s gold output reached 314 tons, while demand reached 423 tons in 2009. China is the world"s largest gold consumer, after India.
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