China overtakes India as top gold consumer

Beijing – China overtook India as the world’s largest gold consumer for the first time in 2013, official data showed.

China’s gold consumption hit 1,176 tonnes in 2013, up 41.4 percent, as declining gold prices enticed buying, according to the Ministry of Information and Technology (MIIT).

The precious metal fell 26 percent last year from 1,670 U.S. dollars to 1,243 U.S. dollars per ounce.

Last year was the 7th consecutive year that China was the world’s No.1 gold producer and production rose 6.2 percent to reach 428 tonnes, nearly 15 percent of the world’s total. Source: Xinhua