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China may outshine India in gold use
By Hu Xiaocen |
February 17, 2012, Friday
|
Print Edition
Print Edition
CHINA may overtake India as the world's biggest gold market for the first time this year on increasing Chinese demand for the precious metal as appetite elsewhere weakens.
The demand for bullion in China jumped 22 percent to 811.2 tons in 2011 while consumption in India declined 7 percent to 933.4 tons, the World Gold Council said in a report yesterday.
"The gold market will remain strong in 2012 due to China's demand, mostly from the jewelry and investment sectors," said Albert Cheng, managing director of the WGC for the Far East.
Jewelry demand in China increased every quarter in 2011, helping the country to be biggest market worldwide in the second half, the WGC said.
On a quarterly basis, China was already the biggest consumer in the three months through December 31, with demand at 201.6 tons against India's 173 tons.
Investment demand for bars and coins in China surged 43 percent from 186.7 tons in 2010 to 266 tons last year. The demand is seen to grow strongly this year as the Chinese see gold as a hedge against inflation.
China's gold production rose an annual 5.89 percent to a record high of 360.96 tons last year, making it the world's largest producer of the metal for five straight years, the China Gold Association said.
The demand for bullion in China jumped 22 percent to 811.2 tons in 2011 while consumption in India declined 7 percent to 933.4 tons, the World Gold Council said in a report yesterday.
"The gold market will remain strong in 2012 due to China's demand, mostly from the jewelry and investment sectors," said Albert Cheng, managing director of the WGC for the Far East.
Jewelry demand in China increased every quarter in 2011, helping the country to be biggest market worldwide in the second half, the WGC said.
On a quarterly basis, China was already the biggest consumer in the three months through December 31, with demand at 201.6 tons against India's 173 tons.
Investment demand for bars and coins in China surged 43 percent from 186.7 tons in 2010 to 266 tons last year. The demand is seen to grow strongly this year as the Chinese see gold as a hedge against inflation.
China's gold production rose an annual 5.89 percent to a record high of 360.96 tons last year, making it the world's largest producer of the metal for five straight years, the China Gold Association said.
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