BEIJING, July 25 (Xinhua) — China’s gold output and consumption both saw stable growth in the first half of this year, industry data showed on Tuesday.
The country produced nearly 178.6 tonnes of gold during the period, an increase of 2.24 percent year on year, data from the China Gold Association revealed.
In the January-June period, gold consumption in China reached 554.88 tonnes, surging 16.37 percent year on year, according to the association.
In breakdown, the consumption of gold jewelry in China stood at 368.26 tonnes, up 14.82 percent from a year earlier, while that of gold coins and bars soared by 30.12 percent year on year to 146.31 tonnes in the first six months.
During the same period, gold consumption for industrial and other uses shrank by 7.65 percent from a year earlier to 40.31 tonnes, according to the CGA.
Tuesday’s data also showed that in the first half of 2023, investors had reduced their holdings of gold-backed exchange-traded funds (ETFs) by 1.26 tonnes from the end of 2022. By the end of June 2023, total holdings of gold ETFs in the Chinese market were about 50.16 tonnes.