China’s gold consumption tumbled in first half, to remain weak this year – industry association

 

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Gold consumption in China, the world’s largest producer and user of the precious metal, shrank 38 per cent in the first half of the year due to the coronavirus and high prices, the China Gold Association said on Tuesday.

The use of gold in jewellery, which accounts for around two third of gold used in China, fell 42 per cent in the first six months of 2020, while consumer spending on gold coins and bars, which are generally for collection or investment purposes, fell 32 per cent.

“Due to pandemic controls, the economic slowdown . . .

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