May. 17, 2012 (China Knowledge) - China
saw its investment and jewellery demand for gold rise10% YoY to a record 255.2 metric tons in the first quarter of this year, thus overtaking India as the world's biggest gold consumer, according to the latest report released by the World Gold Council.
Investment demand in China
grew 13% YoY to a quarterly record of 98.6 metric tons in the period, boosted by investors' strong need to preserve wealth.China
's jewellery demand jumped to 156.6 metric tons in Q1, accounting for 30% the total jewellery demand worldwide and making the country the largest jewellery market for the third consecutive quarter, said the council.
Gold demand in India experienced a decline in Q1, hitting 207.6 metric tons. The figure comprised 152.0 metric tons of jewellery demand and 55.6 metric tons of investment demand, down 19% and 46% YoY, respectively.