China has overtaken India to become the world’s top gold consumer, the Wall Street Journal reported Tuesday. China imported 1,066 metric tons of the yellow metal in 2013 against 975 metric tons for India, the report said, citing World Gold Council data. Chinese demand for gold bars, coins and jewelry soared 32 percent to record levels in 2013 even as the price of gold slumped 28 percent. In India, consumption rose 13 percent but further growth was curbed by import restrictions aimed at narrowing the country’s current account deficit. The council estimates about 200 metric tons were smuggled into the country, the report said.
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