World Gold Council Reports Demand for Gold Thirty-One Percent Higher Than Last Year Strong economic growth in China, the Middle East, and India increases demand for gold coins and gold jewelry Santa Monica, CA (PRWEB) June 7, 2007 The World Gold Council has reported a thirty-one percent increase in the demand for gold from last year. This thirty-one percent increase is due to consumer demand in China, India, and the Middle East for gold coins and gold jewelry. These driving factors already in force have most analysts forecasting higher gold prices. According to Lear Financial. "India is the now the world's largest gold consumer", reports Kevin DeMeritt a top gold investment advisor of Lear Financial, one of the top gold coin companies in the U.S. "Gold investors should keep a keen eye on India's gold buying patterns and perceptions regarding the future price of gold", said Kevin. Year of the Golden Pig India' strong economic growth and the traditional wedding season played a role in the rising demand for gold, but a more important factor was the Indian consumer's acceptance of prices above $650/oz. reports Lear Financial. In China, the "Year of the Golden Pig" effect had a strong impact on an already robust growth has consumers flocked to buy gold jewelry and commemorative "lucky balls", particularly around Chinese New Year. Consumer demand in Q1 was 31% higher in tonnage terms than a year earlier. The increasing volatility in the Middle East over the last few months has caused Saudi princes to shift from the stock market to purchasing large blocks of gold and gold bullion since early October. Lear Financial research indicates global demand for gold reached $17.4bn in Q1 2007, more than double the level of four years earlier and 22% higher, in dollar terms, than in the first quarter of 2006. In tonnage terms total demand was 4% higher than Q1 2006. Jewelry demand was 17% higher in tonnage terms than the weak Q1 2006 and 38% higher in dollar terms. Demand from China and India in both oil and gold, combined with tensions in the Middle East have some analysts predicting higher price trends for both commodities. Investor analysts are indeed pleased to see that after an almost year-long hiatus, the Asian (India in particular) gold jewelry demand has once again become robust. http://www.prweb.com/releases/2007/06/prweb531737.htm