China’s purchases of gold rose to 200 tonnes in January and February of 2011 as inflation fears lifted consumer demand for the yellow metal, according to a report by UBS.

Peter Hickson, global commodities strategist at UBS, told Bloomberg that “China is the big buyer” and that “Gold is attractive…The more the market becomes concerned about inflation or concerns about unrest in Africa, more and more people will look to gold.”

Hickson also reiterated his forecast that gold will reach $1,500 per ounce over the next six months.