India is world’s biggest gold consumer

INVgoldAccording to the GFMS Gold Survey Q3 2015 Review and Outlook, India has regained its lead position from China as the biggest overall consumer of gold in the first 9 months of this year, with a total consumption of 642 tonnes.

Jewellery consumption increased to 193 tonnes in Q3 2015, and retail investment rose to 55 tonnes, the highest since Q4 2013.

The total gold imports to India in the third quarter increased by 23 percent to 263 tonnes, which is the highest quarterly volume year-to-date.

The official depreciation of the Chinese Yuan, that was announced on August 11, boosted gold demand.