BUSINESS China tops world's gold consumers for 6th year

BUSINESS

China tops world's gold consumers for 6th year

Xinhua

19:22, January 31, 2019

BEIJING, Jan. 31 (Xinhua) -- China's gold consumption rose 5.73 percent year on year to 1,151.43 tonnes in 2018 on the back of strong domestic demand, making the country the world's biggest gold consumer for the sixth straight year, industry data showed Thursday.

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(Photo: VCG)

Consumption of gold jewelry went up 5.71 percent to 736.29 tonnes, while that for gold bars rose 3.19 percent to 285.2 tonnes, said the China Gold Association.

Consumption for industrial and other uses surged 17.48 percent to 105.94 tonnes.

Last year, China's gold output went down 5.87 percent to 401.12 tonnes, but it still retained its position as the world's biggest producer for the 12th consecutive year.

China adopted new rules in 2016 to raise environmental requirements on solid waste from gold prospecting, leading to a wave of gold mine closures and output declines in the major producing provinces, including Shandong, Jiangxi and Hunan.

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