WGC Releases Top Gold Consuming Nations List Posted by Brian Ford on February 12, 2015
The World Gold Council (WGC) has just released its annual list of the world’s top gold consuming nations and for 2014 India took the top spot. India’s total gold demand in 2014 was 842.7 tons, a 14% decline from 2013 but still enough to reclaim the top position after losing the title to China the previous year.
China’s gold demand amounted to 813.6 tons, a 38% decrease from 2013. If Hong Kong, Taiwan and other parts of “Greater China” were included in the tally then China would have been ranked #1 with 867.5 tons of gold demand last year.
India’s “win” comes in the face of continued pressure by the Indian government to curb the movement of precious metals. Despite facing high import taxes as well as many import restrictions, India was able to move 662.1 tons of gold in jewelry form alone. According to the WGC, 54% of global gold demand in 2014 came from India and China alone.
2014 saw lowered gold demand around the world, due in part to a 2013 in which the gold price had a couple of dramatic drops, prompting bargain hunting by central banks, financial institutions and household investors. Gold’s lack of momentum continued into 2014, discouraging some investors who watched gold fluctuate between $1,100 per ounce and $1,300 per ounce for most of the year.
While jewelry demand is expected to increase in 2015, many certified gold analysts believe that the main drivers of physical gold demand in the United States this year will be:
- S. Dollar performance
- Federal Reserve interest rates
- consumer confidence
- investors’ need for diversification
To claim your free special report on how to profit from rising interest rates in 2015, or to diversify your portfolio with gold now, call the Certified Gold Exchange toll-free at (800) 300-0715 and discover why CGE has been “America’s Trusted Source For Gold” for over 20 years.