China beats India as gold demand rises
The demand rose to 1,053.9 tonne in the quarter through September, although in value terms, the consumption hit a record $57.7 billion. Gold imports to India fell for the first time in five quarters by a fifth to 200 tonnes in July-September as surging inflation adversely impacted disposable incomes, the World Gold Council (WGC) said in a statement.
Investment climbed 33% to 468.1 tonne during the period with European consumption rallying by 135% in value to 4.6 billion euros, equivalent of 118.1 tonne, as fear intensified the sovereign debt crisis may spread beyond its current epicenter of Greece and Italy.
Chinese demand for jewellery surpassed that in India for the first time since early 2009, the World Gold Council, an industry group, said in its quarterly Gold Demand Trends. Chinese buyers stepped up their purchases of jewellery by 13% to 131.0 tonne.
Chinese buyers stepped up their purchases of jewellery by 13% to 131.0 tonne, in stark contrast to Indian buyers, who bought 26% less jewellery in the third quarter of this year relative to last year at 125.3 tonne.
Fitch Ratings has warned that although said further contagion from Europe’s debt crisis would pose a risk to American lenders that have direct
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