India first lost the title a world leader in the use of gold. Over the last three months of 2011 it

India first lost the title a world leader in the use of gold. Over the last three months of 2011 it was overtaken by China, informs ITAR-TASS. The newspaper "Times of India", silva which refers to the World Gold Council (WGC), silva reported that for the period from October to December the use of "yellow metal" in India in the form of jewelery, bars and coins reached 173 tons, which is 42% less than for the same period 2010. While for the same quarter in China's gold consumption increased and reached 190.3 tons. World Gold Council does not exclude the possibility that this year China to remain a world leader in the consumption of this precious metal, and India to remain in second place. These conclusions are based on the last quarter of last year, although the entire 2011 gold sales in India were 933 tons and China - 770 tons. High import duties on gold and hence the higher silva price, and the lesser holidays such as calendar dates can lead to a decrease in demand for gold in India. The world market, however, India will remain the largest buyer of "yellow gold" silva now the country accounts for 27% of all foreign trade transactions of gold in the world.
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