×
4 410
Fashion Jobs
HACKETT LONDON (RETAIL)
Keyholder (Full Time) - Hackett Sloane Street
Permanent · LONDON
CLARKS
Commercial Finance Manager â UK&Roi
Permanent ·
CLARKS
Talent Acquisition Advisor
Permanent ·
HARVEY NICHOLS
Security Officer Full Time 40 Hours
Permanent · BRISTOL
ON RUNNING
Brand Representative (German & English Speaking)
Permanent · LONDON
PRIMARK
Product Owner, Integrations Services
Permanent · READING
PRIMARK
Stockroom Retail Assistant
Permanent · WORCESTER
VF INTERNATIONAL
Warehouse Inventory Manager
Permanent · COALVILLE
MAJE UK
Assistant Area Manager - London
Permanent · LONDON
PAUL SMITH
Junior International Sales Executive
Permanent · LONDON
COTY
Account Manager - Fragrance (3 Days)
Permanent · Manchester
ESTÉE LAUDER
Clinique - Consultant - Peter Jones - 37.5 Hours
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots - 28 Hours
Permanent · Bournemouth
ESTÉE LAUDER
Clinique - Account Manager - House of Fraser - 37.5 Hours
Permanent · Manchester
ESTÉE LAUDER
Tom Ford - Business Manager - John Lewis - 37.5 Hours
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots - 13 Hours
Permanent · Croydon
ESTÉE LAUDER
Clinique - Account Manager - House of Fraser - 30 Hours
Permanent · Bristol
ESTÉE LAUDER
Clinique - Consultant - John Lewis - 21.5 Hours
Permanent · Chelmsford
ESTÉE LAUDER
Clinique - Account Manager - Boots - 22.5 Hours
Permanent · Basildon
ESTÉE LAUDER
Clinique - Account Manager - House of Fraser - 37.5 Hours
Permanent · Rushden
ESTÉE LAUDER
Corporate Account Manager - Travel Retail Ema (Based London)
Permanent · London
TK MAXX
Loss Prevention Officer - Glasgow Argyle Street - Permanent - Full-Time
Permanent · Glasgow
By
AFP
Published
Feb 16, 2012
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

China to surpass India as top gold buyer

By
AFP
Published
Feb 16, 2012

MUMBAI - China is set to overtake India as the world's largest gold buyer this year as demand for the metal for jewellery and as a safe-haven investment surges, the World Gold Council said Thursday.


Photo: corbis

Global demand hit 4,067.1 tonnes in 2011 -- edging up 0.4 percent year-on-year -- worth an estimated $205.5 billion, the first time demand has surpassed $200 billion, the WGC said in its latest annual report.

Gold prices rose to a record over $1,920 an ounce in September on frenzied buying by individuals, investment funds and central banks in the aftermath of a US credit rating downgrade and plunging global equity markets.

Prices have slipped since but still hover around $1,700 per ounce.

India, the largest gold consumer and importer, saw a 7.0-percent decline in demand year-on-year to 933.4 tonnes last year, while demand from China jumped 20.0 percent to 769.8 tonnes in the same period.

"There was a major boost to the overall demand from China, a trend we see continuing in the new year," said Marcus Grubb, WGC's investment managing director.

"It is likely that China will emerge as the largest gold market in the world for the first time in 2012."

India and China, which have been battled high inflation, combined account for more than half of the world's gold demand.

India, where gold is widely purchased for religious and ceremonial occasions, consumed less of the yellow metal in 2011 largely because of a weak rupee, which made imports of gold -- priced in dollars -- more expensive.

"The domestic currency fell precipitously in the second half of 2011, on foreign capital outflows. The rapid rise and fall in the rupee and resulting local gold price swings impacted gold buying," the report said.

India's gold demand was down 27.0 percent year-on-year in the second half of 2011.

The WGC said it expects global demand for gold to remain strong in 2012.

Despite the recent softening in demand, India is likely to record steady demand for gold this year, in-line with 2011 trends, analysts and the WGC said.

"The sentiment is likely to remain upbeat this year as inflation is moderating and various tax incentives are likely to support purchases," WGC's Middle East and India managing director Ajay Mitra told reporters.

Analyst Hareesh V. of research firm Geojit Comtrade expects India's gold demand to rise marginally by 2-3 percent this year.

"India could consume close to 965 tonnes in 2012, with the rupee rising against the dollar and inflationary pressures easing, which would boost the import of gold," Hareesh said.

Copyright © 2023 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.