China consumed 1089 tons of gold in 2017, tops world for five straight years

Updated 2018-02-02 16:42:01

China consumed a total of 1089.07 tons of gold in 2017, up nearly 10% from a year ago, according to statistics released by the China Gold Association (CGA) on Feb. 1.

Gold use went up in jewelry, gold bars, and industry sectors, with consumption of 696.5, 276.39, and 90.18 tons, respectively. However, the 26 tons in gold coin making marks a decrease, down by 16.64%.

The recovery of high-end consumption in 2017, especially in second- and third-tier cities, was a major reason for the pickup in domestic gold consumption.

In addition, the increasing demand of investment in gold, which was a result of the fluctuations in the real estate, security, and finance markets, also contributed to the rise of gold consumption.

The year 2017 marks the fifth consecutive year that China's gold consumption has ranked first in the world.

The statistics show that China's total gold production stood at 517.49 tons in 2017, including 91.348 tons of imported raw materials, down by 3.35% year-on-year.

CGA said that 2017 was the hardest year for Chinese gold enterprises because of the implementation of environmental and resource taxes, as well as the closure of gold mines in natural reserves. Even so, China's gold production has topped the world for 11 consecutive years, despite the first fall of output since 2000.

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