China Set to Become World's Largest Gold Consumer
MANCHESTER, UNITED KINGDOM--(Marketwire - Feb. 1, 2010) - Since 2007, China has been the world's biggest gold producer. However, the nation may now also have taken over India to become the world's largest gold consumer.
Although official figures have yet to be released, it is estimated that 2009 saw a demand of 450 tonnes from China, a steep increase on the nation's 2008 demand of 395.6 tonnes.
The rising demand is being fuelled by increasing prices. While consumers in India, Turkey and the Middle East, traditionally locations with a high demand for the precious metal, have been put off by rising price tags, it's been quite the opposite in China. Consumers there are rushing to buy gold, attracted by buying into a rising market.
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