China’s gold consumption up 48.44% in nine months

BEIJING: Gold consumption in the Chinese market continued to rebound in the first nine months of 2021, led by a stable recovery of the domestic economy, industry data showed.

In the January-September period, China’s gold consumption totalled 813.59 tonnes, up 48.44 per cent on a year-on-year basis, the data released by the China Gold Association showed.

The consumption of gold jewellery soared 54.21 per cent from a year ago to 529.06 tonnes, gold coins and bars saw a robust growth of 50.25 per cent to 214.13 tonnes.

In the first nine months, the gold consumption for industrial and other uses in the country grew 12.66 per cent on a year-on-year basis to 70.4 tonnes, the data showed.

During the same period, China produced 236.75 tonnes of gold, a drop of 26.18 tonnes from the same period last year.