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India overtakes China as the world’s largest gold consumer

The Q3 Gold demand Trends Report published by the World Gold Council (WGC) for the third quarter of 2014 indicates that India has regained its position from China as the world’s largest gold consumer. The country bought 225.1 tonnes og gold in jewellery, coins and bars during the quarter as against 182.7 tonnes by China. The Indian gold demand marked significant improvement boosted by confidence in the newly elected government and increased activity during festive season.
India’s gold jewelry demand has surged by 60% to 182.9 t during Q3 2014. This was the second highest Q3 demand after the peak seen in Q3 2008. The widespread upgrades to Indian growth forecasts by world agencies provided encouraging backdrop for gold. Festive season saw increased gold buying activity, as customers were seen keen to purchase the yellow metal at cheaper prices. Jewelry purchases began to pick momentum during the month of September by the onset of festival season. The gold imports by the country reported sharp jump during the month.
The investment appeal for gold continued to remain strong in India during the quarter. The survey conducted by Nielson on behalf of WGC revealed that gold products enjoyed second place after bank fixed deposits in the list of investment products currently held by Indian investors. Gold was also preferred choice as future investment bet among Indian households.
On the other hand, jewellery consumption in China dropped by 39% during third quarter of this year. Gold bar and coin investment demand to fell by 30%. The combined demand dropped by 37%. The Golden week holiday during early-October lifted the demand towards the end of Q3. The sales during the holiday period too were short lived.

Meanwhile, global demand for gold jewellery has dropped by 4% to 534 t during third quarter of 2014.

Source:Scrap Monster

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