China’s gold consumption up 9.35 pct in 2012

A gold jewellery shop staff member demonstrates a gold coin issued by the People’s Bank of China in Hangzhou, capital of east China’s Zhejiang Province, Feb. 7, 2013. In 2012, consumers in China bought a total of 832.18 tons of gold, 71.13 tons, or 9.35 percent, more than the figure of 2011, according to the latest statistics released by the China Gold Association on Saturday. (Xinhua)

China’s gold consumption amounted to 832.18 tonnes in 2012, an increase of 9.35 percent from a year earlier, data from China Gold Association showed Saturday.

Consumption of gold jewelry rose 10.09 percent year on year to 502.75 tonnes, while those of gold bars and gold coins gained 12.22 percent and 21.63 percent, respectively, to 239.98 tonnes and 25.3 tonnes.

But consumption for industrial and other uses saw a drop last year, the association said.

Demand for gold has grown steadily over the years as more Chinese see it as a hedge to diversify investment risks and battle against inflation. China is currently the world’s second-largest gold consumer after India.

China produced 403.05 tonnes of gold in 2012, making it the world’s largest producer for the sixth straight year, according to previous data from the association.

Xinhua