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Gold Demand in China Slumps 37% Amid Drive to Root Out Graft

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Gold demand in China shrank for a third quarter as slumping prices failed to boost the purchases of bars, coins and jewelry in the world’s biggest user and officials pressed on with a nationwide anti-graft campaign.

Buying by Asia’s largest economy tumbled 37 percent to 182.7 metric tons in the three months to September from the same period in 2013 as last year’s price-driven surge in demand wasn’t repeated, the World Gold Council said in a report today. India was the only Asian economy tracked by the producer-funded group that bought more bullion than China as usage across the biggest consuming region contracted 15 percent to 473.4 tons.