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.
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