China’s Gold Consumption Continues To Increase
China’s Gold consumption rose 7.83% Y-Y to 814 tonnes in the 1st 3 Quarters, industry data showed Wednesday.
The rebound followed the 24.7% decline last year, according to data released by China Gold Association (CGA).
The association attributed the recovery to increasing consumption of Gold bars, which rose 18.6% to 142 tonnes for the frame, as Gold prices have stayed stable compared with other commodity prices.
Consumption of Gold jewelry went up 1.65% to 591 tonnes, while that for industrial use came in at 65 tonnes.
Meanwhile, China produced 357 tonnes of Gold during January-September, an increase of 1.48% from a year earlier, according to the association.
By the end of September, China’s Gold reserve has reached 1,700 tonnes, up from the 1,660 tonnes in June.
The CGA predicted consumption will continue to recover in Y 2015, cementing the country’s position as the world’s largest consumer of Gold.
Stay tuned…
HeffX-LTN
Paul Ebeling
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