13 Feb 2015
India likely to retains its edge over China in 2015 - WGC
FXStreet (Mumbai) - India is likely to remain the world's biggest gold consumer this year after regaining the top spot from China in 2014, driven by robust jewellery demand, the World Gold Council (WGC) said on Thursday.
Indian consumer demand for gold jewellery and investment totalled 842.7 tonnes last year, compared with 813.6 tonnes by China, according to WGC data.
Demand dipped in both countries in 2014 from record levels a year earlier, but Indian demand slid only 14%, compared with a much steeper 38% fall in China. The two countries accounted for over half of global demand.
Global gold demand also hit a five-year low last year as buying of jewellery, coins and bars failed to keep pace with 2013's elevated levels.
The industry group forecast gold demand in both India and China to rise to 900-1,000 tonnes in 2015, but said India was likely to retain its edge.
India's gold jewellery demand rose 8 percent to an all-time high of 662 tonnes in 2014 on strong purchases for weddings and festivals. The robust demand comes despite tighter gold import rules, some of which were removed only in the latter part of 2014.
Indian consumer demand for gold jewellery and investment totalled 842.7 tonnes last year, compared with 813.6 tonnes by China, according to WGC data.
Demand dipped in both countries in 2014 from record levels a year earlier, but Indian demand slid only 14%, compared with a much steeper 38% fall in China. The two countries accounted for over half of global demand.
Global gold demand also hit a five-year low last year as buying of jewellery, coins and bars failed to keep pace with 2013's elevated levels.
The industry group forecast gold demand in both India and China to rise to 900-1,000 tonnes in 2015, but said India was likely to retain its edge.
India's gold jewellery demand rose 8 percent to an all-time high of 662 tonnes in 2014 on strong purchases for weddings and festivals. The robust demand comes despite tighter gold import rules, some of which were removed only in the latter part of 2014.