China has purchased 798 tonnes of the precious metal so far this year, compared to India’s 715 tonnes, according to the latest World Gold Council report.
The group recently lowered its 2013 forecast for India’s gold consumption by 10% to 900 tonnes, and estimates China will buy 1,000 tonnes by the end of the year.
China’s middle class is a rapidly growing slice of the country’s 1.5 billion people. Growth may be slowing after decades of rapid expansion, but affluent Chinese consumers have shown no sign of curbing their spending habits.
via CNN
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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