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China to be world鈥檚 biggest gold user
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China is set to rank as the world’s biggest gold market this year based on consumption in the first three quarters even as global demand dimmed 21 percent in the third quarter from a year earlier, the World Gold Council said yesterday.
China’s demand rose 19 percent annually in the third quarter to 220 tons and outshone India’s consumption which slumped 32 percent to 148 tons in the same period due to a higher import tax on the bullion.
‘‘China is on track to become the world’s biggest gold consumer this year, given the total consumption in the first three quarters,’’ Albert Cheng, managing director of the World Gold Council for Far East, said in Shanghai yesterday.
China’s combined demand for the bullion in the first nine months was 821.1 tons while India’s was 714.7 tons.
But Cheng said the Indian market should not be overlooked as the higher tax on gold is a temporary tool in a bid to adjust the country’s balance of payment deficit.
Global gold demand fell to 869 tons in the third quarter due to net outflows of 119 tons of gold-backed exchange-traded funds in the period. In the second quarter the net outflows of gold ETF totaled 402 tons.
The average price of gold between July and September was US$1,326 per ounce, a decline of 20 percent from the same period last year.
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