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Gold demand in China 'will increase'

A spokesperson for one of China's biggest financial institutions has forecasted that demand for gold in the developing world is likely to increase.

Speaking at an industry conference, Wang Yu, director of the gold and foreign exchange market division of the People's Bank of China, said that although gold prices have been rising, this does not necessarily mean that it will curb demand.

"Global gold demand is increasing steadily with strong economic growth in developing countries, but the supply of the metal is stable. That creates a deficit," she added, according to Reuters.

She also said that she believes gold prices will remain unsteady in the short-term, but that there is plenty or room for them to rise long-term.

Gold demand has been increasing of late in China and Russia. This has helped to retain favor for gold bullion, despite the busy season for gold purchases in India having decreased.

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