China to become world's top gold consumer

Staying with the precious metal, and China's largest gold company says the country will surpass India to become the top consumer of gold in the world. In the first three quarters of this year, China produced 284 tons of the yellow metal, a nine percent increase year-on-year.

Song Xin, vice president of China National Gold Group Corp., said, "China's production is expected to reach 380 tons this year, and we will continue to be the world number one gold producer. China's large increase in gold consumption will have a positive impact to the global gold market.

Global gold prices will continue the upward trend, with last year's average price sitting at around 1500 U.S dollars an ounce, and this year it has risen to around 1700 USD. Over 20 banks across the globe predict gold prices will fluctuate at high levels. "