China's Gold Consumption Tops World ThirdDemands in world gold market last year have amounted to 3278.4 tons, up 21% over the previous year and China has leaped to the third place among the eight biggest gold consumption powers, according to reports by World Gold Association.Economic recovery in Asia has been reported to contribute the steep rise of demand in world gold market and countries like Indonesia and ROK have taken an especial momentum of increase. While the Y2K problem last year also resulted in enthusiastic gold investment in the United States. In 1999, there are as many as 2799.2 tons of gold that have been demanded as jewelry, a 23% increase on the previous year and the investment demand has obtained an 8% increase to 479.2 tons, it has been reported. Consumption in gold markets of India, the United States, China, Saudi Arabia, Gulf countries, Turkey, Indonesia and Egypt has respectively taken the foremost eight places and a total amount of 201 tons of gold has been consumed in China, up 6.9% over 1998 and approaching its GDP increase. |
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