Jewelry sales propel China gold use in first nine months

Business | 6 Nov 2018 5:09 pm

China's gold consumption continued to grow in the first three quarters of this year due to strong domestic demand.

The use of gold went up by 5.08 percent from a year ago to 849.7 tons in the January-September period, the China Gold Association said today, Xinhua reports.

Gold jewelry sales posted stable growth and contributed nearly two thirds of the total domestic gold consumption, while sales of industrial gold products and others registered the most rapid expansion, at 24.68 percent.

Gold coins, only accounting for around 2 percent of the total domestic gold consumption, grew by 6.47 percent.

The association said jewelry sales remained robust as falling gold prices prompted consumers to buy more. Meanwhile, investors started to prefer gold and other physical assets amid increasing global uncertainties, while steady demand for electronics boosted the industrial use of gold.

Bucking the trend, gold bullion sales declined 5.05 percent.

Data also showed China's gold output declined by 7.46 percent year on year to 289.75 tonnes in the first nine months.

China has been the world's biggest gold producer for 11 years and the biggest gold consumer for five years.

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