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BEIJING: China's gold jewellery demand is expected to be supported by stable gold prices in 2022, an official of the World Gold Council (WGC) said on Friday, despite fears of slowing economic growth in the world's top consumer of the precious metal.

"The relatively stable gold price outlook will provide support for gold jewellery demand in China's market for 2022," Wang Lixin, the Council's managing director in China, said in a statement.

In terms of gold investment, demand for bars and coins are expected to rise as precious metals divisions of Chinese commercial banks will continue to push sales of physical gold products, added Wang.

Spot gold may retest resistance at $1,850

"At the same time, the continuous decline of domestic interest rates and potential inflationary pressure could be supportive factors to boost demand for domestic gold investment in 2022."

China's gold consumption last year rose by over a third from 2020, led by an uptake of gold jewellery, as its economy rebounded from the coronavirus impact, according to data from the China Gold Association.

This year however, economic growth is expected to slow as falling factory activity, persistently soft consumption and a slowing property sector have dimmed China's economic outlook.

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