Fri, 17 Aug 2012 17:34:44 GMT

gold and silver barsMumbai, Aug 16 (PTI) China is likely to overtake India as the largest importer of gold this year on the back of huge demand for the precious metal for jewellery and investment in the world”s second-largest economy, World Gold Council (WGC) said today.

“In the first half, China”s demand for gold stood at 417 tonne surpassing India”s 383.2 tonne in the same period,” WGC Managing Director (India and Middle East) Ajay Mitra told reporters here.

Looking at the current trends, WGC expects China to overtake India as the largest importer of gold.

In the first quarter of 2012 (January-March), China”s gold import stood at around 136 tonnes, lower than India that imported 209 tonne in the same quarter.

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