Member access

4-Traders Homepage  >  Commodities  >  GOLD       XAUUSD

GOLD

1079
Real-time Quote. Real-time  - 04/19 03:00:16 am
1204.65 USD   +0.08%
04/17 USD/CHF TECHNIC : Monthly Range Floor at Risk
04/16 Major Shift in Forex Trader Behavior Points to US Dollar Weakness
04/16 USD/JPY 120.08 is a Level to Know for Resistance
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
04/17 USD/CHF TECHNICAL ANALYSIS : Monthly Range Floor at Risk
04/16 Major Shift in Forex Trader Behavior Points to US Dollar Weakness
04/16 USD/JPY 120.08 is a Level to Know for Resistance
04/16 USD/CAD Major Breakdown Triggered
04/16 USDOLLAR Major Behavior Change Takes Place
04/16 Potential for Top in USDOLLAR After Triangle False Breakout
04/16 US Dollar Looks to Fed-Speak for Lifeline, Aussie Soars on Jobs Data
04/15 USD/CHF TECHNICAL ANALYSIS : Swiss Franc Gains for Third Day
04/14 USD/CAD TECHNICAL ANALYSIS : Range Floor Back in Play
04/14 USD/JPY at Support; Watch for Resistance Near 120.13
Advertisement
Chart
Duration : Period :
GOLD Technical Analysis Chart | XAUUSD | 4-Traders
Dynamic quotes  
ON
| OFF