China set to become world’s biggest gold market in 2012


Almost anything related to that gilded metal, popularly known as gold, attracts our roving eye. So in our hunt for something gold, we came across this piece of news that will surely catch our readers’ attention worldwide. China, the country that is slowly emerging as the new superpower and competing with India for the very title, is set to overtake India in one area soon by becoming the world’s biggest gold market. As per the World Gold Council annual report for 2011, the amount of gold bought in China rose 20 percent in 2011 over the year before to 770 metric tons, while the amount of gold bought in India was 933 metric tons. The council said it’s “likely that China will emerge” as the world’s largest gold market for the first time in 2012 as it has already moved into top place every quarter. What is more, China has become the world’s largest market for gold jewelry in the second half of 2011.

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The rise in inflation and the weakening rupee, which made gold more expensive, could be attributed as the main cause for India losing the title of the world’s largest gold market. Besides this, rising incomes in China have led to a surge in demand for luxury goods and gold jewelry. Given that the two superpowers are neck to neck in this race, we have no choice to wait for next year’s annual report to see who the winner will be. Any guesses?
Global Post

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