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Gold consumption in China fell by 29% in the first three quarters

28 October 2020


China produced 262.93 tons of gold in the first nine months of this year, down 12.42 tons or 4.51 percent from the same period last year, according to the China Gold Association (CGA).


Consumption of the precious metal decreased by 28.66 percent year on year to 548.09 tons in the first three quarters, while that of gold jewelry was 343.08 tons or a decrease of 34.43 percent.


During the same period, the consumption of gold coins and bars decreased by 14.07% on an annual basis to 142.52 tonnes, while the consumption of gold for industrial and other purposes decreased by 21.11% from a year earlier to 62, 49 tons.


However, the negative trend shows signs of reversal in recent times, as a result of a stable recovery of the domestic economy and the rapid recovery of the wedding sector. In the third quarter alone, the country's gold consumption increased by 28.71% compared to the previous quarter.