China gold demand \\\'on the rise\\\'

China's demand for gold is set to rise by about 20% over the next few years, the World Gold Council has estimated, as the population becomes more wealthy. The council estimates private sector demand for gold in China will rise to at least 1,350 tonnes by 2017. Chinese customers bought 1,132 tonnes of gold last year, in jewellery as well as gold bars and coins for investment. The forecast comes as China becomes the world's largest gold-consuming nation since last year, overtaking India. The World Gold Council says China is at the "centre of the global gold eco-system", as rapid urbanisation creates a rising middle class, according to BBC.