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Thursday, February 24, 2011

Gold in Demand in China

The Chinese have never been afraid of buying up big, in gold. And as global gold prices continue to rise, they're taking their love of the precious metal to another level.

When it comes to gold, Chinese consumers are very generous.

In a Beijing gold store, consumers are buying bars and jewelry by the kilo. Some have even travelled from other cities, to ensure they get a good deal. Yang Yunxiang, gold buyer, said, "The gold price is surging. It is in short supply in my city, so I came here to buy some."

Shandong Province is the biggest gold producer in China. But gold-related products there are also seeing a supply shortage. In Weifang city, the rush is on for anything gold. Zhang Xiuqin, General Manager of Mokingran Jewelry, said, "Every day, when the products arrive at our hall, wholesalers from around the country are already waiting there. The products are sold immediately."

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