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Nation's use of gold drops nearly 20 percent in first half
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CHINA'S gold consumption retreated almost 20 percent in the first half as bullion used for producing bars and coins plunged from a year earlier, the China Gold Association said today.
Total consumption dropped 19.4 percent to 569.5 tons in the first half, according to the Beijing-based industry association. Consumption for making bullion bars plunged 62 percent to 105.6 tons, while demand for coins and other items slumped 44 percent to 11 tons.
Demand for jewelry and industrial use remained robust during the period, each increasing about 11 percent to 426.2 tons and 26.8 tons, respectively.
On the production side, total output rose 9.4 percent year on year to 211.1 tons.
China overtook India as the world's biggest gold market last year by posting a record-high demand of 1,132 tons for the whole year.
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