Gold consumption by China slips 3.9% yoy in first quarter
Beijing-China (May 5) Gold consumption declined 3.91 per cent year on year in China during the first quarter of this year. Consumption in the world's top consumer of gold dropped to 318.28 mt (10.23 million oz) in Q1 2016, according to data by China Gold Association(CGA).
Jewellery sales plunged 14.44% yearly to 193.57 mt in Q1 as China economic growth slowed down. Gold for industrial consumption also declined 4.88% to 25.76 mt. However, the decline in jewellery sales has been partially offset by the demand for gold bullion, which surged 22.44% to 91.35 mt in January-March.
China's gold reserves reached 1,797.5 mt (57.79 million oz) by the end of March, as the country increased its holding by 35.15 mt during the three-month period, CGA reported, citing data from the country's central bank, the People's Bank of China.
China's first quarter gold output jumped around one per cent prompted by the rebound in international prices of the yellow metal. Producers increased output to 111.563 mt (3.59 million oz) over January-March