Wednesday, 2nd February 2005 (2646 views)

Latest figures have revealed that world gold consumption increased in 2004, for the first time in four years.

The key reason behind the increase is thought to be economic growth in the US, India and China, which boosted demand, according to Business Report.

Consumption was up by eight per cent to 2,725 tonnes, following three years of decline.

Moaz Barakat, director for the Middle East, Turkey and Pakistan at the World Gold Council, said: "More wealth in places like India and China generated a feel-good factor and encouraged people to buy."

In addition, demand in India, the largest gold consumer in the world, increased at its fastest pace in six years.

It is thought that demand could grow by another five to six per cent this year, boosted by a weak dollar and more economic expansion.

 

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