The World Gold Council expects India's imports of the yellow metal to fall in 2012 with a pickup in demand seen only in the October-December quarter when festivals and weddings could drive jewelry purchases.

 
UPDATE: WGC: China Overtakes India As Top Gold Consumer

LONDON (Dow Jones)--China took over from India as the world's top consumer of gold in the first quarter of this year, cementing expectations that China will be the dominant buying force in the gold market in 2012, the World Gold Council said Thursday.

 
   STORIES OF INTEREST 
 
WSJ: Mongolia Sets Plan To Cap Investments

Mongolia's parliament approved a new investment law Thursday that caps future foreign participation in certain strategic industries, reflecting a growing public push to keep profits from the mineral-rich nation's industries inside the country.

 
UPDATE: Vedanta Core Earnings Up; Focus On Internal Operations

LONDON (Dow Jones)--Vedanta Resources PLC (VED.LN) plans to focus on reducing its debt burden, simplifying its corporate structure and developing its growth projects after completing a hefty buying spree that contributed to higher core earnings last year.

 
UPDATE: Impala: Inter-Union Fighting At Rustenburg, Output Unaffected

JOHANNESBURG (Dow Jones)--Impala Platinum Holdings said Thursday that fighting between rival unions has taken place at its Rustenburg mine, the company's biggest platinum operation.

 
Gold Fields Says Prices Need To Rise To Avoid Industry Cuts

JOHANNESBURG (Dow Jones)--Gold prices need to rise or mining companies may be forced to start cutting output and project financing, Gold Fields Ltd. (GFI) chief executive said Thursday.

 
UPDATE:Gold Fields Profits Rise; Sees Output Same As Last Year

JOHANNESBURG (Dow Jones)--Gold Fields Ltd. (GFI) Thursday said first-quarter net earnings rose and production was stable from a year ago and that it expects to produce roughly the same amount of gold this year as in 2011.

 
Gold To Regain Role As Safe Haven When Europe Stabilizes -WGC Exec

SINGAPORE (Dow Jones)--Gold will regain its historic status as a safe haven once the macroeconomic situation in the euro zone stabilizes, a senior executive for the World Gold Council said Thursday.

 
Gold Fields 1Q Posts Rise In Profit On Gold Price, Tax Credit

JOHANNESBURG (Dow Jones)--Gold Fields Ltd. (GFI) Thursday posted a rise in first-quarter net earnings and stable production from a year ago and said it expects to produce roughly the same amount of gold this year as last.

 
UPDATE: Western Australia To Create Wealth Fund Using Mining Royalties

PERTH (Dow Jones)--The Western Australian state government plans to channel 1% of its China-driven minerals wealth each year into a sovereign wealth fund expected to be worth A$4.7 billion by 2032, the state's top financial official said Thursday.

 
Antofagasta Earnings Rise On Copper, Gold Volumes; Costs Up

LONDON (Dow Jones)--London-listed Chilean miner Antofagasta PLC (ANTO.LN) Thursday said first-quarter earnings rose, largely due to higher copper volumes which more than offset higher costs.

 
   MARKETS 
 
PRECIOUS METALS: Gold Rebounds, Silver Surges, After Selloff

NEW YORK (Dow Jones)--Gold futures climbed on Thursday, rebounding from the previous day's 10-month lows as investors closed bets on falling prices on a pause in the currency turmoil caused by Europe's debt crisis.

-By Matt Day, Dow Jones Newswires; 212-416-4986; matt.day@dowjones.com

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