China’s gold consumption rose 16.4% on year in H1, gold production rose 5.9% – industry association
COMMODITIES DATA
China’s gold consumption rose 16.4% on year in H1, gold production rose 5.9% – industry association
COMMODITIES DATA

China’s gold consumption rose 16.4% on year in H1, gold production rose 5.9% – industry association

 

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China’s gold consumption reached 554.88 tonnes in the first half of the year, an increase of 16.4% from a year earlier, according to data from the China Gold Association. 

In breakdown, consumption of gold jewellery reached 368.26 tonnes, rising 14.82% from a year earlier, and consumption of gold bars and coins reached 146.31 tonnes, surging 30.12%, showed the data. 

China’s domestic gold production also increased in the first half, rising by 2.24% year over year to 178.6 tonnes, and gold production from imported materials reached 65.397 tonnes, surging by 17.5% from a year earlier, said the association. Combined, China’s total gold production reached 243.996 tonnes in the first half, rising by 5.93% from a year earlier. 

China’s gold companies resumed normal production in the first half, with major coal mines reaching full production resumption and production capacity fully recovering to pre-pandemic level, said the association. 

Looking ahead into the second half of the year, China’s gold production and consumption is expected to extend the recovering trend, it said. “As the US Federal Reserve’s rate-hiking cycle is coming to an end and market concerns for economic recession in the US and Europe rise, gold prices are expected to rise further, which will drive gold miners to increase production.”