China overtook India as the world's top consumer of gold in the first quarter, the World Gold Council said, cementing expectations that China will be the dominant buying force in the gold market in 2012.
Indian gold demand dropped 19% in the first three months from a year earlier, to 207.6 metric tons, rattled by strikes following the announcement of new taxes on the gold trade and weakness in the Indian rupee that made dollar-denominated gold more expensive for Indian buyers.
In contrast Chinese gold demand rose 7% in the same period, to 255.2 tons, according to the WGC.
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