China’s gold output rises in Q1, consumption down

China’s gold output in the first quarter of 2016 edged up due to higher prices in the global gold market, but consumption fell, according to latest figures from the China Gold Association.

The industry body said China produced 111.56 tonnes of gold in the first three months, up 0.78 percent year on year.

Gold consumption in the first quarter was 318.28 tonnes, down 3.91 percent compared with the same period last year mainly because of a drop in sales of gold jewllery, the association.

China’s gold reserve reached 1,797.5 tonnes by the end of March 2016, it added.

 

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