China overtakes India as top gold consumer

Consumers wait in a line to check out at a gold jewellery shop in Nanjing, capital of east China's Jiangsu Province, April 18, 2013. (Xinhua File Photo) BEIJING, Feb. 23 (Xinhua) -- China overtook India as the world's largest gold consumer for the first time in 2013, official data showed. China's gold consumption hit 1,176 tonnes in 2013, up 41.4 percent, as declining gold prices enticed buying, according to the Ministry of Information and Technology (MIIT). The precious metal fell 26 percent last year from 1,670 U.S. dollars to 1,243 U.S. dollars per ounce. Last year was the 7th consecutive year that China was the world's No.1 gold producer and production rose 6.2 percent to reach 428 tonnes, nearly 15 percent of the world's total.