“Gold demand rose 11 percent in the first quarter as Chinahelped boost investment and jewelry usage, while demand will remain “firm” throughout this year, the World Gold Councilsaid.
Global demand gained to 981.3 metric tons in the quarter, compared with 881 tons a year earlier, the London-based industry group said today in a report. China’s consumption surged 47 percent in the quarter and may double before 2020 as the growing population’s wealth increases and near-term concerns about faster inflation spur investment, the council predicts.
Accelerating inflation, Europe’s debt crisis, a weakening dollar and unrest in north Africa and the Middle East boosted gold to a record $1,577.57 an ounce on May 2. Central banks are adding to their reserves for the first time in a generation, helping prices extend a 10-year rally, the longest run of gains in at least nine decades.”
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