Newmont Forecasts High Gold Demand from China in 2010

15 March 2010 (Last Updated March 15th, 2010 18:30)

Newmont Mining said Chinese demand for gold will continue to remain strong in 2010 in spite of metal's soaring prices. Speaking with Dow Jones, Newmont Asia Pacific operations regional group executive Philip Stephenson said he expects a strong investment demand from China in 2010.

Newmont Mining said Chinese demand for gold will continue to remain strong in 2010 in spite of metal's soaring prices.

Speaking with Dow Jones, Newmont Asia Pacific operations regional group executive Philip Stephenson said he expects a strong investment demand from China in 2010.

"We saw a 20% increase in investment demand (from China) last year, and we are expecting similar demand levels in 2010," Stephenson said.

The price of gold soared by nearly 25% in 2009 and the metal is currently trading around $1,100 a troy ounce, off its record high of around $1,220 an ounce in early December.