Gold shines as wealth boosts jewelry

Rising affluence is continuing to stoke jewelry demand, resulting in rising consumption of gold in China, second-quarter industry data confirmed.

According to David Harquail, chairman of the World Gold Council, robust gold consumption in China will likely grow further as long as the country's wealth keeps expanding.

Harquail estimated that Chinese people will buy about 30 percent of the gold sold globally, mostly in the form of jewelry.