Chinese Gold Demand Expected to Top India in 2012

Experts believe that 2012 will be the golden year in China. This year, the demand for gold in China is expected to top the demand for gold in India for the first time. With the demand for gold at a 14 year high last year, the amount of Chinese gold demand is expect to be high.

China consumed more than 190 tons of gold in the fourth quarter of last year, compared with India's more than 173 tons. This was the first time in recent history that the demand for gold in China passed the demand for gold in India.

Total demand for gold in China was last year was 769.8 tons, an increase of 20 percent over 2010. Meanwhile, the demand for gold in India was 933.4 tons – a number China is expected to pass this year.

Central banks were also big buyers of gold bullion and gold coins in 2011. They bought more than 439 tons of gold in 2011, compared with less than 80 tons in 2010. It was a record number going back to 1971 and experts from the World Gold Council expect the demand to continue.

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