Gold loses its glitter in China in 2014

In 2014, new products and trading platforms were introduced, including the Shanghai Gold Exchange's international board in the China (Shanghai) Pilot Free Trade Zone, the "Gold Send" mobile app in Turkey and the new kilobar contracts in Singapore and Hong Kong, said Marcus Grubb, managing director for investment strategy at the WGC.

"All of these are designed to make gold more accessible to greater numbers of buyers in the East," said Grubb.

Chinese banks are likely to participate in a new gold pricing mechanism at the London Bullion Market Association in March, a move that will increase China's role in setting gold prices in the global market.

Yang Fei, an analyst at Shanghai Seewonder Financial Information Technology Co Ltd, said the domestic bullion market has been striving to get more involved in the precious metal's pricing system.