According to ETF Securities latest report the Central Banks of China and India are set to purchase 90% of the world’s mine gold in 2014. In 2013 India, China and the world’s central banks consumed 80% of the worlds mined gold.
Demand in India is set to increase this year as the newly elected government begins to reduce gold import taxes. Total Central Bank purchases in Q1 reached 122 tonnes which is comparable to the same period in 2013. Imports into Hong Kong have increased by 18% for the first three months of this year and U.S. Mint sales remain robust.