World Gold Council China could overtake India as the world's largest gold market.

The latest report from the World Gold Council said that China's gold demand could hit 1000 tons this year, overtaking India as the world's largest gold market. India's average yearly imports of should be 963 tons. According to the Council, "China will probably be the world's biggest gold consumer this year for the first time on an annual basis" as driven by "both jewelry and investment demand. Jewelry will be the biggest overall demand segment, but investment will grow fastest". Meanwhile, it also expected that jewelry demand would "increase globally this year as a proportion of overall gold demand for the first time in 12 years".