LONDON: China's gold demand could hit a record 1,000 tonnes this year, the World Gold Council said on Thursday, which means it would overtake India as the world's biggest bullion consumer.
Chinese gold demand is likely to be in the region of 950 to 1,000 tonnes in 2013, the WGC's managing director for investment, Marcus Grubb, said, but risks are skewed to the upside and could push demand past the upper end of that range.
"China will probably be the world's biggest gold consumer this year for the first time on an annual basis," Grubb said. "That will be driven by both jewellery and investment demand. Jewellery will be the biggest overall demand segment, but investment will grow fastest."
Physical deliveries from the Shanghai Gold Exchange in the first half of 2013 exceeded total deliveries for all of last year, exchange data showed, while premiums over spot prices rose above $20 an ounce."