China's gold output up 14.04% in Jan-Sept

BEIJING - China produced 269.987 tons of gold in the first nine months of this year, an increase of 33.235 tons or 14.04 percent from the same period last year, industry data showed on Friday.

During the first three quarters, gold consumption in the Chinese market declined by 4.36 percent year-on-year to 778.09 tons, data from the China Gold Association showed.

According to the association, the consumption of gold jewelry in China stood at 522.15 tons, down 1.31 percent year-on-year, while that of gold coins and bars shrank by 10.46 percent to 191.73 tons in the first three quarters.

During the same period, gold consumption for industrial and other uses came in at 64.21 tons, down 8.79 percent from last year.

Friday's data also showed that holdings of gold-backed exchange-traded funds (ETFs) in China decreased 17.32 tons in the first nine months. By the end of September, total holdings of gold ETFs in the Chinese market were about 57.97 tons.