2021-05-06T12:38:00+03:00 China 2023-07-15T06:07:03+03:00

Ukrainian news

Ukrainian news

China gold consumption surges in Q1

China gold consumption surges in Q1

China's gold consumption soared 93.9 percent year on year to 288.2 tonnes in the first quarter of 2021, industry data showed, informed The Xinhua News Agency.

The rebound indicates that gold consumption in the Chinese market has recovered to the level of the same period of 2019, according to data released by China Gold Association (CGA).

In the first three months, consumption of gold jewelry in China surged 83.81 percent from a year earlier to 169.18 tonnes, while that of gold coins and bars went up 155.67 percent to 96.31 tonnes.

During the same period, gold consumption for industrial and other uses came in at 22.71 tonnes, up 20.03 percent year on year.

The association attributed China's strong gold demand to a stable recovery of domestic economy and lower gold prices.

China produced 74.44 tonnes of gold during the January-March period, down 9.92 percent compared with the same period last year.