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China may have already overtaken India as the world's biggest buyer of gold, says Commerzbank,...
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Wednesday, February 6, 12:18 PM ETChina may have already overtaken India as the world's biggest buyer of gold, says Commerzbank, looking over a report of imports tripling Y/Y to 114 tons in December. Assuming China produced 400 tons in last year, total Chinese demand would have been 950 tons - pushing it ahead of India.
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The fact is India upped the duty 3 tiimes, its at 6% tax on any gold imports.. thats crazy. While Chinese govt themselves buying it, i am trying to understand why they are doing it so desperately...
India will be gold mecca in future too - its just cultural stuff.