http://www.gold.org/sites/default/files/GDT_Q1_2014_v3.pdf

Mainland China’s demand for gold fell 18% in the first quarter of the year as investors bought fewer bars and coins, offsetting record demand for jewelry, according to the World Gold Council based in London.

The World Gold Council reported that Chinese purchases declined to 263.2 tonnes, despite a 10% rise in jewelry consumption to a new record levels. The decline in investment demand for bars and coins was a staggering drop of 55% to 60 tonnes.

This looks as though investment demand for coins and bullion will have an impact on Comex futures, while jewellery demand (around Asian festivals) is supporting physical.