Friday, April 26th 05:35 PM IST

CGSE seeks more Gold to meet demand

# China gold  # CGSE  # largest gold consumer  # SHFE gold contract  

Analysts said the Society has to order four times its usual amount of gold bars from Switzerland and London to meet the increased demand.

BEIJING(BullionStreet): Surge in gold transactions in mainland China and Hong Kong forced Chinese Gold & Silver Exchange Society (CGSE) to order for more gold.

Analysts said the Society has to order four times its usual amount of gold bars from Switzerland and London to meet the increased demand.

They said recent drop in prices spurred the massive demand with daily total transactions multiplied to 160 billion Hong Kong dollars ($20.6 billion)

Analysts said buyers may have to wait, however, until early May to get more gold to buy.

They added that gold trading channels in Chinese market are relatively narrow and the pricing power of country's gold market is weaker than the more mature markets overseas.

The gap between trading times in Shanghai, London or New York has been a problem for domestic individual investors as the gold price in the global market dropped off the cliff — Chinese investors not sell off because the domestic trading platform was not in trading hours.

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