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Gold's Biggest Consumers Seen Buying More as World Markets Slide

  • China, India represent more than half of consumer demand
  • Investors seen hedging against slowing economies, share rout
Bloomberg business news

Gold's Monkey Magic Seen Fading

Gold consumers in China and India will probably buy more jewelry, bars and coins this year as stock volatility and growth concerns boost the appeal of bullion as a store of value, according to the World Gold Council.

“Global stock markets are in a bit of turmoil, so that makes gold a very good wealth-preservation tool,” P.R. Somasundaram, managing director for India, said by phone from Mumbai on Wednesday before the council issued its quarterly report on global trends. “We’re seeing that happening as people in China and India are buying bars and coins.”