China gold output, consumption drop in first nine months

BEIJING -- China produced 262.93 tons of gold in the first nine months of this year, a decrease of 12.42 tons or 4.51 percent compared to the same period of last year, industry data showed Tuesday.

Gold consumption plunged 28.66 percent year-on-year to 548.09 tons during the first three quarters, according to data released by the China Gold Association (CGA).

Consumption of gold jewelry in the Chinese market stood at 343.08 tons in the January-September period, diving 34.43 percent year-on-year, CGA data showed.

During the same period, consumption of gold coins and bars shrank 14.07 percent year-on-year to 142.52 tons, while consumption of gold for industrial and other use slumped 21.11 percent from a year earlier to 62.49 tons.

Led by a stable recovery of the domestic economy and rapid revival of the wedding market, gold consumption in China has recently shot up. In Q3 alone, consumption of the yellow metal in the country witnessed a quarter-on-quarter growth of 28.71 percent.