India becomes the biggest gold consumer:

According to the survey report, India overtakes China & becomes the biggest consumer of gold.India consumption is 642 tonnes in the first nine months of the year while on China part it is 579 tonnes.

Reason behind increase in demand are:
(a) again chosen a vehicle for the alternative investment as investors turned cautious of the equity market.
(b) Drop in gold in mid of July, increased the demand in the form of jewellery.
(c) The official depreciation of the yuan announced in August.