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Tuesday, 22nd May 2007 (4699 views)

Demand for gold is going to be strong this year, on the back of promising performances in China in particular, the chief executive officer of Gold Fields has said.

Ian Cockerill addressed a conference in Perth as to the future of the precious metal in the short-term and he stressed that the price of gold was going to rise in his opinion during 2007.

However, he warned those attending that the days of huge gold finds were probably over and that supply would decrease due to the new finds being smaller in size.

Speaking specifically about China, Mr Cockerill said: "Certainly for those of you who have been to China recently and looked at the new-found wealth in that country in the burgeoning middle classes, their demand for gold has been very strong.

"Last year, the demand for gold jewellery in China absolutely destroyed the demand for platinum jewellery," he added.

Gold Fields was created as a result of the merging of Gold Fields of South Africa and Gencor back in 1998 and it is currently the world's fourth largest gold producer.

 

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