Member access

4-Traders Homepage  >  Commodities  >  GOLD       XAUUSD

GOLD

1007
SummaryQuotesChart AnalysisNewsAnalysis 
News SummaryAll news 

WGC : China Tops India As Top Gold Consumer In 1Q

05/17/2012 | 01:15am US/Eastern

China topped 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 the year, 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.

Although Chinese demand growth is starting to moderate and Indian gold demand is expected to pick up this quarter as the market adjusts to the new legislation and tax structure, China should remain the world's top gold consumer for the balance of the year, said the WGC.

"We still expect China to exceed India this year in overall gold demand," Marcus Grubb, WGC managing director of investment, told Dow Jones Newswires in an interview.

-By Francesca Freeman, Dow Jones Newswires; +44 (0)20 7842 9412; francesca.freeman@dowjones.com

Latest news on GOLD
1d ago WEEKLY TRADING FORECAST : FX Traders Prepare for Heavy Volatility on FOMC, GDP a..
1d ago NZDUSD Top Possibly in Place for Next Bear Leg
1d ago GBP/USD at Risk for Fresh Monthly Lows on Slowing U.K. GDP
2d ago AUD/USD TECHNICAL ANALYSIS : Still Looking for Direction
4d ago EUR/USD Bear Flag in Focus Amid Bets for ECB Corporate-Bond Purchases
5d ago Dollar Traders Keep Ear to Ground for Volatility Until Fed Meet
5d ago AUD/USD TECHNICAL ANALYSIS : Waiting for Direction Cues
6d ago AUD/USD Awaiting Break From Range For A Clearer Directional Bias
6d ago AUD/USD Awaiting Break From Range For A Clearer Directional Bias
6d ago USD/CHF TECHNICAL ANALYSIS : Waiting for Long Entry Signal
Advertisement
Chart
Duration : Period :
GOLD Technical Analysis Chart | XAUUSD | 4-Traders
Dynamic quotes  
ON
| OFF