China's investment demand for gold in 2010 set a record of 187 tons.
The World Gold Council has reported that China is set to substantially surpass this mark in 2011.
The Chinese appetite for silver is just as strong, if not stronger.
Gold investment demand in China is likely to top a record 200 metric tons this year, the World Gold Council said.
The country’s investment demand surged 70 percent in 2010 to an all-time high of 187 tons, said Albert Cheng, the Far East managing director at the World Gold Council.
China’s “investment demand has picked up exponentially,” Cheng said yesterday in an interview in Montreal. “The financial crisis has triggered people to be cautious of anything they don’t understand,” boosting demand for bullion as an alternative asset.
Gold futures have surged 29 percent this year, touching a record $1,923.70 an ounce on Sept. 6.Read more:
