Zijin Mining sees China demand helping gold rise to $1,200/oz in 2016

31-Aug (Reuters) — China’s gold demand is expected to rise and help push the price of bullion back to about $1,200 an ounce next year, the chairman of Zijin Mining Group, the world’s biggest gold producer by market value, said on Monday.

“China’s government is expected to further increase gold reserves as it takes a very small portion of foreign exchange reserves, and demand from jewelry buying and manufacturing will also pick up,” Chen Jinghe said in an interview.

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