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China's gold consumption surges in H1

By Wei Tian | | Updated: 2013-08-12 17:26

Gold consumption in China rocketed by nearly 54 percent in the first half of 2013, amid contracting demand elsewhere in the world.

The China Gold Association said on Monday that the country's first half gold consumption reached 706.36 metric tons, up 53.7 percent year-on-year.

Consumption in 2012 was 832 tons.

The strong growth was mainly supported by gold-bar purchases, which surged 87 percent to 278.81 tons, while jewelry gained 44 percent to 383.86 tons, the CGA said.

Industrial use, however, shrank by 1.6 percent.

China was the world's second-largest user last year, but analysts say the country may overtake India to claim the top spot this year.

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