Business / Markets

China remains largest gold producer for 6th year

By Huang Tiantian ( Updated: 2012-12-28 15:23

China is expected to remain the world's top gold producer for the sixth straight year in 2012, the China Gold Association said on Thursday.

The nation's gold production from January to October was 323 tons, up 11 percent year-on-year, according to data from the association.

China surpassed South Africa as the biggest gold producer in 2007. Before that, the African country was the top global gold producer since 1896.

China is also the world's second-largest gold consumer after India. In 2011, China's sales of gold and jewels were worth 300 billion yuan ($47.55 billion), and consumption of gold was at 761.05 tons.

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