Gold consumption in China increased by 15.5 percent in the first three quarters of 2017 on the back of stronger appetite for high-end gold products, data from the China Gold Association revealed.
Demand for gold reached 815.89 tonnes, the association further disclosed. Purchases of gold bars surged 44.45 percent to 222.07 tonnes while gold jewellery sales increased by 7.44 percent to 503.87 tonnes.
The association attributed the uptick to a rebound in gold jewellery sales mainly due to stronger consumption of high-end products and rising purchasing power in China’s second- and third-tier cities. Uncertainties in the property and securities markets also contributed to an improved demand for gold, noted the China Gold Association.
In contrast, gold production was down 3.76 percent during the first three quarters of 2017 compared to last year, it added.