World Gold Council just shrugs at India's financial repression
WGC Sees China Well Ahead of India as World's No.1 Gold Consumer
By A. Ananthalakshmi
Thursday, November 14, 2013
SINGAPORE -- China is this year set to usurp India as the world's biggest gold consumer by a convincing margin as strict import rules introduced by New Delhi bite, forecasts from the World Gold Council showed on Thursday.
The industry body cut its outlook for Indian demand in 2013 to around 900 tonnes from the 1,000 tonnes predicted previously, while keeping its forecast for China unchanged at 1,000 tonnes.
Plummeting demand from India could further pressure global prices that have dropped around 24 percent this year on fears the U.S. Federal Reserve would cut its economic stimulus.
"The administrative measures that the Indian government has imposed on the market have proven to be quite effective and imports have slowed down," Albert Cheng, the WGC's managing director for the Far East told Reuters.
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