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CHART: China Passes India As World's Biggest Gold Buyer

Chinese investors are snapping up gold bars and coins, buying more than ever before in the first quarter of 2011 and overtaking Indian buyers as the world's biggest purchasers of the metal.

China's investment demand for gold more than doubled to 90.9 metric tons in the first three months of the year, outpacing India's modest rise to 85.6 tons, the World Gold Council said in its quarterly report on Thursday. China now accounts for 25% of gold investment demand, compared with India's 23%.

The report underscores the rising appetite for gold among the growing middle-class in China. Fears of the country's soaring inflation, as well as a search for new investments, is luring investors to gold, and marketing of the precious metal has also increased in recent months.

"I think people will be surprised by the strength in the Chinese demand, but we think this is a trend that is set to continue," said Eily Ong, an investment research manager at the gold council.

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Reader Comments (3)

Status in a bottle, whisky takes off in China



To keep up with demand, Scotland's whisky industry has poured 600 million pounds ($975.7 million) into expanding and building new distilleries over the last three years.

Long-forgotten still houses have been re-opened. Expansion is underway at a handful of big industrial grain whisky plants, bottling halls and cooperages, and also at some of the smaller 102 malt whisky distilleries scattered across the highlands and islands of Scotland.

Note: There has been serious movement in the industry over the last year.....
May 22, 2011 at 9:44 PM | Unregistered Commenterjohn
Scotland selling whiskey to China - will they demand gold and silver as payment -?
May 23, 2011 at 12:34 AM | Unregistered CommenterDSKisaMaidMan
We should ignore all indicators that the rest of the world is moving to hard assets and invest in worthless paper, preferably bank stocks. Your banksters need you, and they are already conspiring new creative financial vehicles to steal every last cent that we have.
May 23, 2011 at 1:45 AM | Unregistered CommenterS. Gompers

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