World Gold Council: China's gold demand shows a "positive signal" at a time of economic recovery

SMM7: China's demand for gold jewelry will recover from weakness in the first half of the year without further massive blockades triggered by the novel coronavirus epidemic, as the economy begins to recover, according to the World Gold Council. In response, Andrew Naylor, head of ASEAN and public policy at the Gold Association, said he did see positive signals, and that uncertainty of recovery, low interest rates and positive price momentum would continue to boost investment demand.

According to the quarterly demand trend report of the World Gold Council, jewelry demand in China, the world's largest gold consumer, fell 33% to 90.9 tons in the second quarter from a year earlier, while demand for gold bars and coins fell 18% from a year earlier to 40.7 tons, but increased moderately by 10% from a month earlier.

Demand for weddings may be the key to the recovery of China's gold jewelry market in the second half of the year, according to industry trading partners of the World Gold Council.

China was the first country to shake off the blockade and is the only country in the world to recover from month-on-month economic recovery after extreme weakness in the first quarter of 2020.

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