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Gold consumption plunges 21.4% during Jan to Sept

Updated: Nov 3,2014 6:36 AM     Xinhua

BEIJING -- China’s gold consumption tumbled 21.42 percent year-on-year to 754.82 tons in the nine months ending in September, industry data shows.

The plunge was mainly attributed to a drop in consumption of gold bars, which posted a year-on-year decrease of 62.58 percent and amounted to 119.42 tons in the first three quarters, according to data released by China Gold Association (CGA).

The data also showed that consumption of gold jewelry edged up by 0.45 percent year-on-year to 581.38 tons. Consumption for industrial use rose 17.64 percent to 42.02 tons in the first three quarters.

In the Jan-Sept period, China produced 351.73 tons of gold, an increase of 14.27 percent, or 43.92 tons, from the same period last year, according to the association.

China is the world’s largest producer and consumer of gold.