The World Gold council has come with its fourth quarter report. The council formed and funded by the World's leading gold mining companies announced on Wednesday that India has been rated as the no. 1 country at the consumption of gold in 2009, the reason being such high consumer demand in India.

Despite the average price of gold being 12% higher in 2009 at a whopping $972.35 in 2009 as compared to 2008, the Indians continued to invest in gold. A staggering 14 gms was bought by the Indians per 100 gms being sold across the world. The Indians known for buying gold also for ornamental purposes except for the sole motive of investment continued to show faith in their most trusted investment.

The report also stated that the decision of RBI to buy 100 tonnes of gold from the IMF also helped the gold index soar up creating positive sentiments in the international markets. A lot of seasonal factors such as Diwali and the wedding season also assisted in the rising prices of Gold in the fourth quarter.

However, if the whole year is to be considered the tonnage offtake was down 33% in 2009 as compared to 2008. In 2008 it was 712.6 tonne whereas it was just 480 tonne in 2009.