Member access

4-Traders Homepage  >  Commodities  >  GOLD       XAUUSD

GOLD

1072
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
03/27 Dollar Goes for a Nine-Month Rally with Fed Talk and NFPs on Tap
03/27DJJPMorgan Joins as Direct Participant in LBMA Gold Price Auction
03/27 THE WEEKLY VOLUME REPORT : Next Volume Surge Key For USD Direction
03/26 Post-FOMC Levels Holding USD for Now; JPY-crosses Begin Breakdown
03/25 USD/CAD TECHNICAL ANALYSIS : Still Stalling at Range Floor
03/24 PRICE & TIME : Key Zone Coming Up For the Buck
03/23 USD/CAD TECHNICAL ANALYSIS : Eyeing 2-Month Range Floor
03/23 WEBINAR : Scalps Favor Dollar Correction- EUR/USD Eyes FOMC Highs
03/23DJHalfords Appoints CEO; Premaitha Wins Contract
03/23DJCityFibre Expects More Business; FirstGroup Extends Rail Contract
Advertisement
Chart
Duration : Period :
GOLD Technical Analysis Chart | XAUUSD | 4-Traders
Dynamic quotes  
ON
| OFF