Chinese Gold Consumption Hits 1,176.4 Tonnes in 2013

Xinhuanet reported that according to data from the China Gold Association, China’s gold consumption came to 1,176.4 tonnes in 2013 — that’s a 41.36-percent increase from the previous year.

As quoted in the

The figure is likely to mean that China will take the place of India as the world’s largest gold consumer, under the backdrop that shrinking gold prices and concerns that the Federal Reserve might withdraw its quantitative easing stimulus had dampened market sentiments last year.

The marked increase was mainly attributed to the country’s surging demand for gold jewelry and bars, which increased 42.52 percent and 56.57 percent year on year to 716.5 tonnes and 375.73 tonnes respectively.

Click here to read the full Xinhuanet report.