Robust consumption in China and India will support gold prices despite falling global demand, Securities Times reported Thursday, citing the World Gold Council (WGC). World demand for the yellow metal fell 56 percent in the third quarter and prices have been falling in recent months, Albert Cheng, managing director of WGC Far East, was quoted as saying. Gold consumption in China alone is expected to top 1,000 tons this year, the report said. A shortfall of 700 tons is expected despite domestic production of 400 tons. China’s domestic gold production was 307 tons during the first nine months, up 7 percent year on year, the report said. No figures were given for India.
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