China’s demand for gold rose 1.1% in the first quarter year-on-year to 326.68 metric tons in a slight rebound from the 25% decline in demand seen in 2014, The Wall Street Journal reported, citing China Gold Association president Song Xin. Last year’s tumble in China came amid intensified antigraft policies and a weakening economy and followed a record surge in gold consumption the preceding year. Collapsing demand in China and India – which account for 51% of the world’s demand for gold – combined with a strengthening US economy and dollar last year to make gold less attractive investment for holders of other currencies, since gold is denominated in dollars.
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