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And the pace of melting is expected to lead to disastrous sea level rise in the years to come, according to lead author Eric Rignot, chair of Earth system science at the University of California, Irvine.

And with just 4 percent of the Chinese population owning a passport, compared to 37 percent of Americans, the "revolution" looks set to continue for the foreseeable future.

Analysts said the pick-up in inflation is unlikely to continue because of a high comparative base in September 2016 and the fading effects of seasonal factors during the rest of the year.

Analysts with Morgan Stanley said that there is likely more downside coming in the US market over the next month. But, they said,"This is still a bull market with lots of opportunity in single stocks."

Analysts said demand for gold jewelry in China has been driving the global gold industry for long. "Demand for gold jewelry had bottomed out in 2016 after a strong price recovery curbed jewelry spending that year, amid world economic growth challenges and weaker consumer sentiment," said Zhu Yi, senior analyst of metals and mining at Bloomberg Intelligence.