China Overtakes India as Top Gold Consumer

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China Overtakes India as Top Gold Consumer

“LONDON—China took over from India as the world’s top consumer of gold in the first quarter of this year, cementing expectations that China will be the dominant buying force in the gold market in 2012, the World Gold Council said Thursday.
Indian gold demand dropped 19% on the year in the first three months of 2012, to 207.6 metric tons. The domestic gold sector was rattled by strikes following the announcement of new taxes on the gold trade and weakness in the Indian rupee made dollar-denominated gold more expensive for Indian buyers.In contrast Chinese gold demand rose 7% in the same period, to 255.2 tons, according to the WGC.Between them, China and India accounted for 54% of global gold demand in the first quarter.”

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