Gold consumption booms in Spring Festival holiday

BEIJING -- China's gold consumption boomed during the week-long Spring Festival holiday, up 13 percent year-on-year, according to data from the China Gold Association.

Gold ornaments and bars were among the best-selling products during the holiday, a traditional peak season for gold consumption.

"Sales increased by double digits during the holiday," said Wang He, an employee at the Caibai Jewelry Co, a leading gold retailer.

Winter Olympic gold and silver bars as well as commemorative gold and silver badges were also popular among consumers.

The country's gold consumption totaled 1,120.9 tons last year, an increase of 36.53 percent from a year ago, or up 11.78 percent compared to that of 2019, the association said.