Thursday, May 16th 01:33 PM IST

China Gold demand rises 20% to 294 tons

# China gold  # largest gold consumer  # India gold  

According to WGC, jewellery demand alone in the quarter was a record 185t, up 19% on last year, while bar and coin investment was 110t, rising by 22% from last year.

LONDON(BullionStreet): China's gold demand totaled 294t in the first quarter, a rise of 20% on the same quarter last year, as the economy continued to pick up from the downturn experienced in the second half of 2012.

According to WGC, jewellery demand alone in the quarter was a record 185t, up 19% on last year, while bar and coin investment was 110t, rising by 22% from last year.

Demand for gold in China and India was also driven by an increase in bar and coin sales - up 22% year-on-year in China and 52% in India.

In the US demand for bars and coins was up 43% compared with the same quarter in 2012.

Globally, bar investment was up 8% while official coins (such as American Eagles and Canadian Maple Leafs) were up 18%.

Gold held by gold-backed ETFs, which in 2012 accounted for 6% of the world’s gold demand, fell by 177t.

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