China becomes world's top gold buyer

(CNNMoney) China has raced past India to become the world's top gold consumer.

Gold prices may have bottomed out earlier this year, but the precious metal hasn't lost its luster among Chinese consumers.

China has purchased 798 tonnes of the precious metal so far this year, compared to India's 715 tonnes, according to the latest World Gold Council report.

The group recently lowered its 2013 forecast for India's gold consumption by 10% to 900 tonnes, and estimates China will buy 1,000 tonnes by the end of the year.

China's middle class is a rapidly growing slice of the country's 1.5 billion people. Growth may be slowing after decades of rapid expansion, but affluent Chinese consumers have shown no sign of curbing their spending habits.

Read full article here.