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Chinese love affair with gold beats Indian demand: Survey

Published on Feb 18, 2014 6:05 PM

LONDON (AFP) - China overtook India as the biggest consumer of gold in the world last year, ramping up its demand by 32.0 per cent from the 2012 level, the World Gold Council reported on Tuesday.

But globally, investors pulled away from the protection of gold as the risks of inflation and renewed financial crises receded.

Last year, demand from China for gold for jewellery, coins and bars totalled a "remarkable" new record of 1,065.8 tonnes.

That was ahead of Indian demand of 974.8 tonnes, according to the council representing leading gold producers.

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