Gold consumption rises in first three months

Gold consumption in China reached 286.93 metric tons during the first quarter, up 0.69 percent year-on-year, against the backdrop of cuts in gold production by China planned for the first six months of this year, according to the China Gold Association.

Better designs and varieties, together with the higher added value, boosted consumption of the yellow metal jewelry, with consumption via the jewelry sector increasing steadily to reach 188.05 tons in the first quarter, up around 4.18 percent year-on-year, it said.

However, consumption in the form of gold bars fell 4.42 percent year-on-year to 70.04 tons, while consumption in the gold coins segment dropped 62.96 percent year-on-year to 1 ton; and use of gold for industrial purposes fell 2.28 percent year-on-year to 27.84 tons, it said.