12 Jan 2015
China buys 29 tonnes of Gold in last three days of 2014 – SGE
FXStreet (Mumbai) - The latest Chinese Gold withdrawals data released by the Shanghai Gold Exchange (SGE) confirmed the Chinese Gold demand in the last three days of December at 29 tonnes.
The data also revealed the total withdrawals for 2014 at 2,100 tonnes, only 3.6% down on the previous year’s record. The data indicate that demand from China is likely to remain high in the build-up to the Lunar new year. As per the tradition, Chinese New Year celebrations involve gold gifting, and January tends to be the month that traders and banks, stock up ahead of the Lunar new year holiday.
Moreover, with a long run-up to the Lunar new year this year –Feb 19 - gold withdrawal figures out of the SGE for both January and February are likely to be strong.
The data also revealed the total withdrawals for 2014 at 2,100 tonnes, only 3.6% down on the previous year’s record. The data indicate that demand from China is likely to remain high in the build-up to the Lunar new year. As per the tradition, Chinese New Year celebrations involve gold gifting, and January tends to be the month that traders and banks, stock up ahead of the Lunar new year holiday.
Moreover, with a long run-up to the Lunar new year this year –Feb 19 - gold withdrawal figures out of the SGE for both January and February are likely to be strong.