Mainland Chinese Gold Demand Growth Expected To Exceed Economy's

A report webbed by Shanghai Daily has the World Gold Council's latest forecast of mainland Chinese investment demand for the metal.

CHINA'S consumer gold demand is expected to rise in double digits annually as people get richer, said a senior manager at the World Gold Council today.

"We expect gold demand in China to grow faster than its economic growth each year," said Albert Cheng, Far East managing director of the World Gold Council.

Over the past five years, consumer demand for gold has risen by an average 13 percent annually in China. And that is set to double by tonnage terms in a decade on a rising economy and short supply, the World Gold Council said earlier.

"Investment gold is set to grow at a double-digit rate in China as an alternative investment," Cheng said.

The article also says 2009 demand grew by seven percent.