India Becomes Biggest Gold Consumer by Surpassing China

According to survey, India moved up at top position as the biggest overall consumer of gold in the first nine months of 2015 with total consumption of 642 tonnes whileChina was recorded with 579 tonnes of consumption.

In accordance with the Thomson Reuters report

• Jewellery consumption increased 5% year-on-year to an estimated 193 tonnes in the third quarter of 2015, the highest quarterly consumption since 2011 and the highest third quarter demand since 2008
• Retail investment rose 30% year-on-year to 55 tonnes, the highest since the fourth quarter of 2013.
• The total official gold imports to India in the third quarter increased by 23% to 263 tonnes, which is the highest quarterly volume year-to-date.

The increase in demand in the third quarter is attributed to the fall in local gold prices due to official depreciation of the yuan, was the lowest since August 2011.