The World Gold Council which keeps the press informed of its activities, events, products and initiatives through the publication of press releases came up with the latest release that says that global consumer demand for gold at unprecedented levels in 2013. It also revealed that China emerged as the world’s largest gold market in 2013.
In its press release, the World Gold Council said that consumers around the world bought gold in record amounts in 2013; however, a major contribution came from China which became the leading buyer. ForexMinute had reported last year about the gold buying spree that China was in as rumors were making rounds that it wants to bring back the gold standard.
Now, the latest data released by the World Global Council confirms that indeed China was on a gold buying spree though it may not be for bringing back the gold standard but for securing the economy against the volatile USD. India was another major buyer of gold but it did not surprise anyone as traditionally the country has been the leading buyer.
The latest World Gold Council Gold Demand Trends report confirms that China became the world’s biggest gold market. The global gold market was upbeat with western markets consumer demand also remained strong; particularly, the US had a robust year in the jewelry, bar and coin sectors in the year 2013.
China and India the Major Buyers of Gold Jewelry and Gold Bars
The press release from the World Gold Council reveals that in 2013 the gold market saw 21% growth in demand from consumers which contrasted with outflows of 881t from ETFs. However, according to the organization the net result was that global gold demand in 2013 was 15% lower than in 2012. It looks it might have lower demand from India which restricted gold imports.
The report from the World Gold Council reveals that annual global investment in bars and coins reached 1,654t, up from 1,289t in 2012 i.e. an increase of 28%, which in fact, is the highest figure since the World Gold Council’s data series began in 1992. The release says that China and India played vital role in the gold market.
For instance, for the full year, Chinese and Indian investment in gold bars and coins was up 38% and 16%, respectively. Also, demand for jewelry was up 29% from 519t to 669t in China, and by 11% from 552t to 613t in India.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org