Subscribe free to our newsletters via your
. 24/7 Space News .




TECH SPACE
India overtakes China to become top global gold consumer
by Staff Writers
London (AFP) Feb 12, 2015


China lost its place to India as the world's biggest gold consumer in 2014, sector data showed Thursday, hit by collapsing jewellery demand after one year in the top spot.

Indian gold demand sank 14 percent to 842.7 tonnes last year from 2013, but Chinese demand slumped 38 percent to 814 tonnes, the World Gold Council (WGC) said in a report.

Overall gold demand meanwhile dropped four percent last year to 3,924 tonnes compared with a record amount in 2013, pushed lower as Chinese jewellery demand tumbled by a third.

That marked the lowest overall level in five years and was also the third successive annual decline for the precious metal, whose two main drivers are jewellery and investment buying.

World jewellery demand sank 10 percent to 2,153 tonnes last year, while China registered a 33-percent slump to 814 tonnes, according to the council representing leading gold producers.

However, India experienced an exceptional year for jewellery.

"India ... had its strongest year for jewellery demand since the WGC's records began in 1995, up 8.0 percent on a year ago to 662 tonnes," the organisation added.

"This was driven by wedding and festival buying despite the presence of government restrictions on gold imports for most of the year."

India had imposed gold import curbs in 2013 in order to avert a trade deficit crisis that pushed the rupee to record lows. However, it eased those restrictions last November.

"2014 was a year of stabilisation and innovation in the gold market, with annual gold demand down by just 4.0 percent after the record-breaking level of buying seen in 2013," added Marcus Grubb, the group's managing director of investment strategy.

"It was a standout year for Indian jewellery, despite government restrictions on gold imports, reinforcing the nation's affinity with gold.

"Meanwhile Chinese gold demand returned to those last seen in 2011/2012 as consumers and investors took time to digest the substantial volumes accumulated in 2013."

The London-based WGC added that the year ended strongly in the fourth quarter, boosted by jewellery demand and central bank buying.

Central banks bought 477 tonnes of gold last year, up 17 percent from 409 tonnes in 2013, according to the WGC. That marked the fifth consecutive year where central banks were net purchasers of gold.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

.


Related Links
Space Technology News - Applications and Research






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TECH SPACE
New method allows for greater variation in band gap tunability
Chicago IL (SPX) Feb 06, 2015
If you can't find the ideal material, then design a new one. Northwestern University's James Rondinelli uses quantum mechanical calculations to predict and design the properties of new materials by working at the atom-level. His group's latest achievement is the discovery of a novel way to control the electronic band gap in complex oxide materials without changing the material's overall co ... read more


TECH SPACE
NASA releases video of the far side of the Moon

US Issuing Licenses for Mineral Mining on Moon

LRO finds lunar hydrogen more abundant on Moon's pole-facing slopes

Service Module of Chinese Probe Enters Lunar Orbit

TECH SPACE
Mars Rover Nearing Marathon Achievement

NASA's Curiosity Analyzing Sample of Martian Mountain

NASA Spacecraft Completes 40,000 Mars Orbits

Mars Orbiter Spies Curiosity Rover at Work

TECH SPACE
London workshop teaches nuts and bolts behind tech

Generation Z: Born in the digital age

Moon momentos found languishing in Armstrong's closet

The Space Diet: Authentic Astronaut Food Goes on Sale in Moscow

TECH SPACE
More Astronauts for China

China launches the FY-2 08 meteorological satellite successfully

China's Long March puts satellite in orbit on 200th launch

Countdown to China's new space programs begins

TECH SPACE
Camera to record doomed ATV's disintegration - from inside

ATV to bid farewell to Space Station for last time

The Strange Way Fluids Slosh on the International Space Station

NASA's CATS Installed on ISS by Robotic Handoff

TECH SPACE
Soyuz Installed at Baikonur, Expected to Launch Wednesday

SpaceX cargo craft returns to Earth

High seas force SpaceX to ditch bid to recycle rocket

SpaceX to try rocket recycle launch on Tuesday

TECH SPACE
Scientists predict earth-like planets around most stars

"Vulcan Planets" - Inside-Out Formation of Super-Earths

Dawn ahead!

Habitable Evaporated Cores

TECH SPACE
Arachnid Rapunzel: Researchers spin spider silk proteins into artificial silk

India overtakes China to become top global gold consumer

New design tool for metamaterials

New self-stretching material developed at University of Rochester




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.