Uses of precious metal gold increasing in China

Sunbd Desk || Published: 2021-08-05 09:48:12 || Updated: 2021-08-05 09:49:26

China is currently the world’s top gold consumer. The country’s gold consumption fell below 20 percent due to the Corona epidemic. However, upward use of the precious metal has been noticed in the first half of this year.

According to a report by the China Gold Association (CGA), 820.98 tonnes of gold was used in China last year. Compared to 2019, the use of the metal in that year decreased by 18.13 percent or 181.08 tons. Despite the decline in gold consumption, China remains the top gold consumer for eight consecutive years in 2020.

In this regard, the CGA report further said that in 2020, besides gold, the use of all types of jewelry in China will also decrease. In that year, the amount of jewelery used in the country decreased to 490.58 tons, which is 27.45 percent less than the previous year. The use of the metal in the industrial sector decreased by 16.81 percent. However, sales of gold bars and coins increased by 9.21 percent.

Sunbd/NJ

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