Global gold demand softens 15%

[SINGAPORE] Global gold demand slumped 15 per cent last year as heavy selling in exchange-traded funds (ETFs) outstripped record-high consumer demand for the metal, according to the World Gold Council. Total demand fell to 3,756 tonnes, from 4,416 tonnes in 2012.

The full-year numbers that the industry body released yesterday confirmed what data in recent quarters had suggested: that China overtook India to become the largest gold consumer.

China consumed 1,120 tonnes in jewellery, bars and coins last year, compared with 848 tonnes in 2012. India's consumption rose 13 per cent to 975 tonnes in spite of measures introduced to limit…