Member access

4-Traders Homepage  >  Commodities  >  GOLD       XAUUSD

GOLD

1040
Real-time Quote. Real-time  - 01/26 11:24:39 am
1279.635 USD   -1.36%
08:30a PRICE & TIME : Key Week For The Yen
01/23 Dollar and S&P 500 Traders Hold Breath for Fed Decision
01/23 Pound Eyeing Carney Comments for Guidance, Euro to Look Past PMIs
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

React to this article
Latest news on GOLD
08:30a PRICE & TIME : Key Week For The Yen
01/23 Dollar and S&P 500 Traders Hold Breath for Fed Decision
01/23 Pound Eyeing Carney Comments for Guidance, Euro to Look Past PMIs
01/23 EUR/USD TECHNICAL ANALYSIS : Passing on Short for Now
01/22 NZD/USD TECHNICAL ANALYSIS : Selloff Extends for Fifth Day
01/22 T-MINUS 0 : Trade Setups in EUR as ECB Prepares for QE Liftoff
01/22 GBP/USD TECHNICAL ANALYSIS : Waiting for Upside Momentum
01/21 T-MINUS 1 : Setting EUR Expectations for Tomorrow’s ECB Meeting
01/20 NZD/USD Coiled for a Break
01/19 PRICE & TIME : Key Week For The Euro In More Ways Than One
Advertisement
Chart
Duration : Period :
GOLD Technical Analysis Chart | XAUUSD | 4-Traders
Dynamic quotes  
ON
| OFF