China to make India the biggest consumer of gold, agency says

Xinhua Beijing, December 6, according to the Hong Kong "Wen Wei Po" report, metal advisory body of the British gold Mining services Company (GFMS) Senior said, excluding the central bank acquisition, China this year the total demand for jewellery and investment of 432 tons, surpassing India as the world's largest consumer of gold. GFMS, executive chairman Philip Klapwijk, said at an industry meeting that higher gold prices have a stronger dampening effect on India's demand for gold than China, which has strong demand, especially in the investment sector.　　GFMS estimates that India has bought 200 tonnes of gold from the International Monetary Fund, China's demand for gold this year is 432 tonnes, and India's demand is estimated at 422 tonnes; China's gold investment demand this year is expected to be 83 tonnes, surpassing India's 53 tonnes. Philip Klapwijk said that the big consumer market in China and India depends on the price of gold, as India is much more sensitive to gold prices than China.　　If the price of gold is significantly lower than the current level, India's potential demand will explode, but if it hits new highs, it will not affect China. In addition, the dollar index rose 1.174 points to 75.805 points, or more than 1.5%, as the US unemployment rate was stronger than expected and the dollar strengthened against other major currencies. The dollar has been strong, commodity gold and oil have been on sale; in Friday, New York's gold futures fell by $48.80 per ounce, or 4.01%, to $1169.50.　　New York's December gold futures closed down 48.60 dollars to $1168.80 a ounce, or 3.99%, the biggest one-day drop in 20 months, and the biggest dollar drop since March 19 last year. In Friday, crude oil futures also closed at the lowest point in nearly two months, the New York Mercantile Exchange in January light low sulfur crude oil futures settlement price fell 99 cents, to 75.47 U.S. dollars per barrel, the 1.29%;ice futures exchange, Brent crude oil futures contract settlement price fell 84 cents, to 77.52 U.S. dollars per barrel, 1.07%.