China on trend to become world's largest consumer of gold in 2012
China, the largest producer of gold, may also become the biggest consumer of the metal in 2012, overtaking India, the World Gold Council said on Thursday.
That rise to the top position would come at the same time as an increase in the demand for gold for use in jewelry and as an investment, the council said.
In 2011, China's demand for gold bullion increased by 20 percent to reach 769.8 metric tons, while India's gold consumption declined by 7 percent to hit 933.4 tons.
Those changes came about in part because of fluctuations in gold prices and a weak rupee, according to the World Gold Council, a market-development organization for the gold industry.
In the second half of the year, the demand for gold increased faster in China than any other place in the world, it added.
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