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Wednesday, 2nd February 2005 (3897 views)

Latest figures have revealed that world gold consumption increased in 2004, for the first time in four years.<br/><br/>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.<br/><br/>Consumption was up by eight per cent to 2,725 tonnes, following three years of decline.<br/><br/>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."<br/><br/>In addition, demand in India, the largest gold consumer in the world, increased at its fastest pace in six years.<br/><br/>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.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7709932"/>

 

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