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China increases gold consumption

China’s gold consumption has risen 15.49% year-on-year in the first nine months of 2017 mainly due to increased demand for gold bars, according to data from the China Gold Association.
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Country’s consumption rises more than 15%

Staff reporter

The Xinhua news agency quoted CGA figures that said the consumption of gold bars rose 44.45% to 222.07 tonnes and by 7.44% to 503.87t for gold jewellery.

More young consumers are getting married, the South China Morning Post reported, saying brides in villages or lower-tiered cities were typically decked out in gold jewellery as a display of social status and fortune.

The CGA attributed the growth to increasing consumption in second and third-tier cities as well as a cooling housing market and volatile securities market, Xinhua reported.

Meanwhile, the figures showed gold output fell 3.76% in the same period as environmental protection measures impacted production.

The spot gold price is trading above its 12-month average of US$1,245.47 per ounce and was worth $1,280/oz earlier today.

It has fallen back from its one-year high last month of $1,349.22/oz after the US Federal Reserve indicated it would raise interest rates in December.