The demand for Chinese gold is expected to rise by 20% in the next few years, according to the World Gold Council.
The council forecast that private sector demand will grow by 1,350 tonnes by 2017. In 2013, 1,132 tonnes of gold was bought either as jewellery, gold bars or coins for investment.
Last year, China overtook India as the world's biggest consumer of gold.
The World Gold Council described China as "centre of the global gold eco-system" due to the growth of its middle class due to urbanisation.
Albert Cheng, from the World Gold Council, said: "The cultural affinity for gold runs deep in China and when this is combined with an increasingly affluent population and a supportive government, there is significant room for the market to grow even further.
"Whilst China faces important challenges as it seeks to sustain economic growth and liberalise its financial system, growth in personal incomes and the public's pool of savings should support a medium term increase in the demand for gold, in both jewellery and investment."
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