Gold demand in China, the world’s largest consumer after India, may slow in the second half of this year after surging in April, said Zhang Bingnan, secretary-general of the China Gold Association.
“The kind of frenzied buying in late April and early May won’t be repeated,” Zhang said. Some of the jewelry demand earmarked for festivals or weddings later this year may have been brought forward to April and May after prices fell, he said.
Gold has declined 15 percent this year on concern the U.S. Federal Reserve may rein in stimulus that helped bullion cap a 12-year bull run in 2012 and as some investors lost faith in the metal as a store of value. Gold takes center stage in weddings in China in the form of jewelry and other gifts as a promise of a long and happy future together.
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