Gold buying in China set to top India

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Gold prices have lost about a fifth of their value this year. (AP) Gold prices have lost about a fifth of their value this year. (AP)
SummaryGold prices have lost about a fifth of their value this year.

China’s consumption of gold in the first six months of the year surged by more than half as sliding prices of the metal lured buyers, data showed, reinforcing expectations that the nation will overtake India as the world’s top gold consumer this year.

Gold prices have lost about a fifth of their value this year after 12 years of gains, releasing pent-up demand across the world and particularly in India and China.

China consumed 706.36 tonnes of gold in the first half of 2013, up 54 per cent from the year-ago period, the China Gold Association said in a statement on its website.

It consumed 832.18 tonnes in all of 2012 and about 460 tonnes in the first half of 2012.

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