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Chinese buy 29 tonnes of gold in last 3 days of 2014

Gold demand in China remains strong in the build-up to the Lunar New Year, with gold price premiums on the SGE rising to 7%.

Traditionally Chinese New Year celebrations involve gold gifting, and January tends to be the month that gold traders and banks stock up ahead of the date.
In releasing the latest information on Chinese gold withdrawals, the Shanghai Gold Exchange (SGE) both confirmed that total withdrawals for the year came to over 2,100 tonnes, only 3.6% down on the previous year’s record, but also that withdrawals for the final three trading days of the month amounted to some 29 tonnes suggesting that demand remains strong ahead of the Chinese New Year. Indeed with a longer run-up to the Lunar New Year this year – the actual date is February 19 – the second latest date in the Western calendar on which the Chinese New Year can fall, we can expect strong gold withdrawal figures out of the SGE for both January and February.

If last year’s pattern of gold buying ahead of this date is followed then January could be a very big month for Chinese gold demand indeed. Last year gold withdrawals from the SGE that month were actually substantially higher than at the start of the record 2013 year – and if demand in the last quarter of 2014 is anything to go by, they could be at close to record levels again this year. Traditionally Chinese New Year celebrations involve gold gifting, and January tends to be the month that gold traders and banks stock up ahead of the date and holiday period surrounding it.

Source MineWeb

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