Chinese gold consumption rebounds in the first quarter
Adam Pike, News Editor
28 Apr 2015, 12:08 p.m.
China’s gold consumption rebounded in the first quarter as a relatively low gold price spurred demand.
Chinese gold demand rose 11% year on year to 326.68 metric tonnes according to the China Gold Association president Song Xin. The increase comes after gold consumption in the world’s two biggest markets, China and India, fell in 2014. India and China account for 51% of the world’s gold demand.
The increase in consumption was driven by rising jewellery sales, as investors took advantages of a lower gold price. Gold jewellery sales are forecasted to rise by over 8% in 2015.
China’s gold production in the first 3 months of the year rose by 14.7% to 110.7 metric tons. China is now consuming around 3 times as much gold as they mine.