Member access

4-Traders Homepage  >  Commodities  >  GOLD       XAUUSD

GOLD

1087
Real-time Quote. Real-time  - 05/24 09:28:21 pm
1204.6 USD   +0.04%
05/22 A Fundamental Push for Key EURUSD, GBPUSD and USDJPY Levels?
05/20 AUD/USD TECHNIC : Selloff Extends for Fifth Day
05/18 USD/CHF TECHNIC : Range Floor Support Held
SummaryQuotesChartsNewsAnalysis 
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

React to this article
Latest news on GOLD
05/22 A Fundamental Push for Key EURUSD, GBPUSD and USDJPY Levels?
05/20 AUD/USD TECHNICAL ANALYSIS : Selloff Extends for Fifth Day
05/18 USD/CHF TECHNICAL ANALYSIS : Range Floor Support Held
05/18 SCALP WEBINAR : USD At Risk For Bearish Invalidation- 11,737 In Focus
05/18DJThorntons' CEO Departs; Blinkx Warns on Profit Hit
05/18DJBlinkx Warns on Profit Hit; Tower Resources Posts Loss
05/18 Important Week for the USDOLLAR Index from a Technical Perspective
05/18DJAfren Directors Resign; 888 Makes Offer for Bwin.party
05/18 US DOLLAR TECHNICAL ANALYSIS : Waiting for Direction Cues
05/14 Forex Trader Sentiment Leaves us in Favor of Selling US Dollar
Advertisement
Chart
Duration : Period :
GOLD Technical Analysis Chart | XAUUSD | 4-Traders