Thestar: Friday May 18, 2012
China Q1 gold demand hits recordSINGAPORE: China's gold demand hit a record high in the first quarter on investor worries over inflation and property market curbs, the World Gold Council (WGC) said, bucking a lower trend in global consumption driven by higher gold prices.
Global gold demand fell 5% on the year to 1,097.6 tonnes in the first three months of 2012, as jewellery and technology sectors bought less gold with average prices up 22% from a year earlier, but investment demand and central bank buying helped cushion the fall, the industry group said.
China remained the world's top gold consumer for the second quarter in a row, with its gold consumer demand up 10% to 255.2 tonnes, beating India's 207.6 tonnes, which was a 29% decline on the year. - Reuters