Data from the China Gold Association, quoted by Rough & Polished, shows that gold consumption in China increased 15.5% in the first three quarters of 2017. The rise, according to the report, comes “on the back of stronger appetite for high-end gold products” as well as “uncertainties in the property and securities markets”.
Demand for gold reached 815.89 tonnes. Purchases of gold bars rose 44.45% to 222.07 tonnes, and gold jewellery sales rose 7.44% to 503.87 tonnes in the first nine months of the year. According to China Gold Association’s report, gold jewelry sales rose “mainly due to stronger consumption of high-end products and rising purchasing power in China’s second and third-tier cities”.
The Association added that despite heightened demand, “gold production was down 3.76% during the first three quarters of 2017”.
