Chinese Central Bank recently added 10 tons of gold to its reserves
Analysts expect continued strong investment demand for gold in China this year.
According to Xinhua News, gold as an investment will likely “glitter” in 2019 and gold jewelry sales are expected to get a boost in the Chinese lunar Year of the Pig. It also appears the People’s Bank of China is on a buying spree.
China ranks as the world’s top gold consumer.
Song Xin, chairman of the China Gold Association, told Xinhua News that there has been an uptrend in gold investment as a safe haven to avoid increasing risk in other sectors.
“More and more investors and individuals prefer to hold gold, leading to the dramatic increase in demand for gold bars.”
According to the World Gold Council, the demand for gold bars and coins in China came in at a “robust” 304 tons in 2018.
