Friday, November 15, 2013

China is World's Top Gold Buyer

China has raced past India to become the world's top gold consumer.

Gold prices may have bottomed out earlier this year, but the precious metal hasn't lost its luster among Chinese consumers.

China has purchased 798 tonnes of the precious metal so far this year, compared to India's 715 tonnes, according to the latest World Gold Council report...

"Rising disposable incomes and a growing middle class in China is driving demand," said Albert Cheng, the World Gold Council's Far East Managing Director. "Consumers continue to invest in higher carat and heavier pieces of gold jewelery."

Gold also ranks alongside stocks and property as a favorite of investors in China, and under-performance in those markets has boosted gold, Cheng said.

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