China to overtake India as largest gold importer

Although suggested earlier this year, China is projected to overtake India as the largest gold importer by almost 50 tonnes, according to a statement from the World Gold Council (GGC). An Economic Times report from early February said India had a seven per cent fall to 933.4 tonnes in 2011, while demand from China increased by 20 per cent to 769.8 tonnes in the same period.  A report this month shows demand in gold picking up in India due to festivities (Diwali/Dhanteras) and late weddings while China sees rising demand due to stronger economic activity in Q4.

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