India is the largest consumer of gold in the world, followed by China, with an estimated market value of the jewels in general in India, which is located, including diamonds, about $ 101 billion, and domestic sales constitute 60% of this market.The current world prices around U.S. $ 1,650 an ounce, after it posted its highest historical level, which is 1921.15, on 6 September, a rise of $ 6% since June.It seems that the thirst of India to get the gold on the rise, as they bought km standard of gold was 963.1 tonnes in 2010, an increase of 66% from last year, China consumed 579.5 tonnes of gold, an increase of 27% in annual sales, According to data from the World Gold Council, based in London.
The World Gold Council said in its analysis of industry trends during the past three months that the total global demand for gold, which stood at 919.8 metric tons, an estimated value of up to near-record $ 44.5 billion.
China has become in this month, the first Asian country to host machine for the sale of gold is automatic, where the new machine in a shopping area «and Angffucng» in Beijing, an area popular old dating back to 800 years, and that China has joined the list of countries where there the ATM distributed bullion and gold coins, which include the United States, Germany, Italy and the United Kingdom and the United Arab Emirates, where customers can financial institutions, introduction of paper money or credit cards in these devices for the withdrawal of gold bullion or gold coins, which leaves the weight, according to market prices, reducing maximum limit for withdrawal is 2.5 kg of gold (million yuan «about 160,000 dollars»).
And will join the Indian city of Mumbai very soon to the club of countries that contain the ATM mechanism of gold.
In spite of the rise in gold prices, the demand for Indian and Chinese for gold has increased by 38 per cent and 25 per cent respectively during the second quarter of 2011, compared to the same period in 2010, is likely to continue this growth due to the high levels of economic prosperity, and high levels of inflation and festivals next big buy gold.
Research shows that the cumulative annual demand for gold in India by 2020 will rise by 1,200 tons (about 1.1 trillion dollars), according to current price levels, which equates to almost $ 1.2 trillion of the net value of the shares in the stock market’s gold.