Global demand for gold reached 4,067.1 tons, equivalent to $205.5 billion, in 2011, according to the World Gold Council. This is the highest tonnage level since 1997.
India represents the top demand for gold at 933.4 tons, followed by China at 769.8 tons. Together, the countries generate 55 percent of global jewelry demand.
The surge in gold relates to the increase in the investment sector, where annual demand was up 5 percent since 2010.
“Looking particularly at Asia, there was a major boost to the overall figures from the increase in Chinese demand, which is a trend that we see continuing over the next year,” Marcus Grubb, managing director of investment at the World Gold Council, said in a statement. “It is likely that China will emerge as the largest gold market in the world for the first time in 2012.”
Other notable statistics:
- Gold mine production reached a new annual record of 2,809.5 tons, a 4 percent increase over 2010.
- The value of jewelry demand in 2011 reached a new annual record of $99.2 billion.
- Demand for gold bars and coins continues to flourish.
- In September 2011, gold reached a record price of $1,895/ounce.
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