Work hard and you will find success

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Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

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China's Q4 Gold Imports Overtake that of India

21 february 2012

China's gold consumption stood at a higher 190.9 tonnes between October and December, compared to 173 tonnes in India during the same period.
Increase of demand for gold in China is attributed to record upsurge of gold supplies from Hong Kong in October and November, owing to which December drop of imports (to merely 33 tonnes) did not prevented China from getting the leadership.
According to the data from the World Gold Council (WGC), India's overall gold demand in the fourth quarter ending December 2011 dropped 42 per cent to 173 tonnes, compared to 298.6 tonnes in the same period of 2010. China, however, was able to sustain its appetite for the yellow metal, registering a consumption of the precious raw commodity at 190.6 tonnes, although a marginal increase, still it is reflect a growth over the 190.3 tonnes during the fourth quarter of 2010.
Data from WGC showed that year-on-year, India's gold appetite fell 7.0 per cent to 933.4 tonnes last year, compared with China which soared 20.0 per cent to 769.8 tonnes in the same period.
"The rapid rise and fall in the rupee, and resulting domestic gold price swings had a strong impact on gold buying with both jewellery and investment demand in H2 lower by around 33 percent," the WGC said in a quarterly research report.
The Indian rupee had depreciated by 8.37 per cent, compared with the Chinese yuan which appreciated 0.2 per cent during the quarter ended December 2011.
Grubb expected China's overall gold demand to grow 20 percent in 2012, with a near 10 percent increase in jewellery consumption and 30 percent jump in demand for physical bars and coins.
In August 2010 Rough&Polished reported that China is expected to outstrip India as the largest gold consumer.

Dasha Platonova, Editor in Chief of the Asian Bureau, Rough&Polished