China Boost in Gold Demand Might Slow Down Next Year

And 2013 looks set to be the first year in modern times when China will overtake India as the precious metal’s number one consumer, according to Thomson Reuters GFMS. It will also mark the first time that the world’s biggest producer of gold is also the largest importer and consumer, says HSBC.

In the year to date Chinese imports of gold are estimated to have nearly doubled to 864 tons, according to figures from investment bank Natixis, and are on course to exceed 1,000 tons for the first time.

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza