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China to overtake India as global largest gold market

Feb. 17, 2012 (China Knowledge) - China, the most populous country, is expected to overtake India as the world's largest gold consumer this year due to Chinese stronger demand and devaluation of Indian rupee, said Marcus Grubb, managing director of investment at the World Gold Council.

In 2011, China's gold demand surged 20% to 769.8 tons, of which 34% or 258.9 tons were for investment. The nation would also see a 20% growth of gold demand in 2012 with total consumption exceeding 900 tons, said Albert Cheng, Managing Director, Far East, at the World Gold Council.

Chinese gold consumption has already risen by 140% between 2007 and 2011.

Gold demand of India, meanwhile, reached 933.4 tons last year, reflecting a decline of 7% from 1,006.3 tons from a year earlier.

Albert Cheng also indicated that the global average gold price increased from US$1,225 per ounce in 2010 to US$1,572 per ounce in 2011. The prices would still be stable due to uncertain economy and inflation pressures, but he did not make a forecast of the average gold price this year.

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