China’s demand for physical gold may surpass that of India by the end of the year, as more Chinese consumers seek out an inflation hedge, Reuters reported, citing Chuck Jeannes, CEO of Goldcorp (GG.NYSE, G.TSX). Buyers around the world have been snapping up gold on concerns of financial turmoil in the US and other developed markets. Combined with growing demand from China and India, that may lift the price of gold to about US$1,700 an ounce by the end of the year from the current price of roughly US$1,600 an ounce, Jeannes said. Chinese consumers purchased 90.9 metric tons of gold coins and bars in the first quarter of 2011, overtaking India as the world’s largest market, the World Gold Council said in May. India was the largest consumer of gold jewelry last year, according to Bloomberg.