Member access

4-Traders Homepage  >  Commodities  >  GOLD       XAUUSD

GOLD

952
Real-time Quote. Real-time  - 04/20 07:29:48 pm
1292.07 USD   -0.16%
1d ago Economic Data Holding Back Euro as ECB Pleads for Weaker FX Rates
2d ago NZDUSD May Have Made a Major Top
2d ago FOREX : Market Activity Set for Pickup on Heavy Event Risk Next Week
SummaryQuotesChart AnalysisNewsAnalysis 

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

05/17/2012 | 01:15am US/Eastern
Recommend:
0

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

Recommend :
0
React to this article
Latest news on GOLD
1d ago Economic Data Holding Back Euro as ECB Pleads for Weaker FX Rates
2d ago NZDUSD May Have Made a Major Top
2d ago FOREX : Market Activity Set for Pickup on Heavy Event Risk Next Week
3d ago Euro Ready for a Short-term Breakout, Trend Revival When Liquidity Returns
3d ago USD/CHF Technical Analysis – Franc Drops for Fourth Day
3d ago USD/CAD Technical Analysis – Looking for Break Above 1.11
3d ago EUR/JPY Technical Analysis – Still Waiting for Follow-Through
3d ago Crude Breakout or Fakeout-Critical Next Few Days
3d ago 4 GBP/AUD Signals That Favor the Downside
3d ago AUD/USD Holds 0.9330 Support For Now- Waiting for Bearish RSI Trigger
Advertisement
Chart
Duration : Period :
GOLD Technical Analysis Chart | XAUUSD | 4-Traders
Dynamic quotes  
ON
| OFF