Friday, May 17th 12:33 PM IST

China overtakes India as top Gold consumer in Q1-2013

# China gold  # largest gold consumer  # India gold  

China posted a new record for quarterly investment in gold bars and coins as positive seasonal factors worked in tandem with gold's enduring investment appeal.

LONDON(BullionStreet): India remained world's largest gold consumer but China topped in demand for gold bars,coins and jewellery during the first quarter this year.

However, As against a decline of 13% in global demand for gold, India reported a 27% increase in Q1 2013, surpassing China's demand growth of 20%, WGC said.

China's gold demand jumped to a record high in the first quarter despite a global drop of 13 percent.

Gold jewelry demand in China surged to a record quarterly value of $9.8 billion to 194.1 tons while India's demand hit 159.5 tons during the same period.

China and India accounted for a combined 62 percent of global jewelry demand in the first quarter.

China posted a new record for quarterly investment in gold bars and coins as positive seasonal factors worked in tandem with gold's enduring investment appeal.

China's demand grew to 112.3metric tons, compared with a five-year quarterly average of 43.8 tons while India's demand hit 97 tons.

Analystys said traditional Spring Festival-related gold buying and gifting was augmented by a rebound in sentiment helped China to maintain the lead in demand.

The Spring Festival period fueled buying in January, but demand was supported throughout the rest of the quarter as Chinese investors, discouraged by the weak domestic stock market, increasingly relied on gold to fulfill their investment needs.

Global gold demand in the first quarter totaled 963 tons, decreasing 13 percent year-on-year as strong growth in consumer demand for gold jewelry, bars and coins was exceeded by substantial net outflows from gold exchange-traded funds.

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