Gold Demand Slumps, India Overtakes Chi…

China’s third-quarter gold consumption has fallen dramatically, according to a report by the World Gold Council, by 39 percent in jewelry from 2013, which could well be a result of the continuing crackdown on graft ordered by President Xi Jinping. Other discretionary items favored by Chinese officials have also dived sharply, with consumption of maotai, the gasoline-like liquor preferred by officials for banquets, falling as well. The price has been reduced to RMB950 after hitting a high at 2,480 in 2012 before the corruption crackdown started. Thirteen liquor companies reported falling revenues this year.

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