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China overtakes India as world’s largest gold consumer

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AFP, dpa
February 19, 2014

The survey found that Chinese customers had bought a total of 1,066 tons of gold products in 2013, up 32 percent from 2012, while their Indian counterparts had purchased 975 tons, up 13 percent from 2012 levels.

The council noted that another 300 tons of gold bought by Chinese clients last year were most likely not registered statistically.

“Although demand for gold has continued to shift, the growing hunger for bars, coins and jewelry is a global phenomenon,” the London-based council announced in a statement. It added, though, that global consumer demand for the precious metal had dropped by 15 percent in 2013, to 3,756 tons, as exchange-traded funds (ETFs) reduced net gold holdings by 881 tons.

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This article was posted: Wednesday, February 19, 2014 at 6:20 am

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