Chinese gold companies rally, China’s domestic gold output jumped in first half

 

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Shares of Chinese gold companies stage a rally in Hong Kong, with China Gold surging by nearly 6%, Zhaojin Mining up more than 3%, Shandong Gold and Zijin Mining up nearly 2%.

In the first half of the year, China’s domestic raw gold output reached 174.69 tonnes, rising by 14.36% or by 21.934 tonnes from the same period last year, according to data from the China Gold Association.

In addition, China’s gold output from imported materials reached 55.658 tonnes in the first half, rising 6.65% from a year earlier. Combined, China’s total gold output amounted to 230.345 tonnes in the first half of the year, an increase of 12.4% from a year earlier.

In particular, gold output of mining companies in East China’s Shandong province, a major gold production hub in China, surged by 123.64% from a year earlier, showed the data.

In the six-month period, China’s gold consumption declined by 12.84% on year to 476.82 tonnes, including 320.73 tonnes of gold jewelries; 112.44 tonnes of gold bars and coins, sliding 25.59% from a year earlier; 43.65 tonnes of industrial and other gold, down 7.89% from a year earlier, according to data from the association.