India became the largest country in terms of consumption of this precious metal in 2014, having pressed China from the first line of a rating, against the background of the general fall in the level of demand for physical gold, according to the report of GFMS analysts from Thomson Reuters. It also says that gold prices will reach their lowest level in two years before going up again.
The demand for gold in China declined by more than a third, to a four-year low of 866 tons, while gold scrap shipments in the country rose 21 percent to an unprecedented 182 metric tons. Demand for jewelry fell by 33% compared to the previous year to 608 tonnes, and demand for ingots - by 53% to a minimum for five years of 171 tons.
In India, the demand for jewelry rose 14% last year to a record 690 tonnes, which suggests that this country is again in the first place in terms of gold consumption, pushing China to second place in this indicator.
The average price for gold for the year is expected at $ 1,170 per ounce.