China increased the purchase of gold and left India behind

New Delhi: China is busy buying gold. China is currently the number one country buying gold. In the past, India was the largest buyer of gold in the world. However, now China has gone ahead of India in this matter.

There is a race going on between India and China to buy the most gold. If we look at the past years, India or China buys the most gold in the world. Gold prices remain at record high amid gold buying in China. This year, gold prices have reached above $2,400 an ounce and are attracting global markets.

Continuous purchase of gold by China is also being considered as the reason for the increase in prices. Consumption of jewellery, bars and coins in China has reached record levels. The demand for gold jewelery in China has increased by 10 percent, while in India it has decreased by 6 percent. Meanwhile, investments in bars and coins rose 28 percent.

On one hand, China’s central bank has been buying gold continuously for 17 months. On the occasion of Chinese New Year, people have bought gold in large quantities. During January-March, people’s purchase of gold has been 34 percent more than last year.

China mines the most gold in the world, but still has to buy a large part of it from outside. In the last two years, China has purchased more than 2,800 tonnes of gold from other countries. This is about a third of the total gold reserves of the US central bank, the Federal Reserve.