The Chinese appetite for gold continues unabated. Gold imports by China—the largest producer of the yellow metal in the world—is set to touch a record 260 tonnes for the year 2010, bullion dealers predicted on Thursday.
Already, the yellow metal import by China has increased five-fold for the last 10 months of 2010. By the end of November 30, the Chinese gold imports stood at 209 tonnes. In 2009, China had imported just 45 tonnes of gold, compared to the massive 350 tonnes of gold that rival India had imported in the same year. India is currently the largest gold importer and consumer in the world.
Bullion industry leaders in Beijing predicted that China will overtake India in gold imports in coming years, as the Chinese appetite for gold jewellery, gold, silver coins and bars is zooming.