Gold consumption in China expanded to a record high in 2013, as a slide in prices attracted buyers for jewellery and bullion.
Data from the China Gold Association shows that gold consumption jumped 41 percent last year to exceed 1,000 tonnes for the first time, reaching 1,176 tonnes. The World Gold Council says China likely overtook India as the largest user. China’s gold output in 2013 rose 6.2 percent from the previous year, that makes China the world’s biggest producer for a seventh straight year. Gold prices posted the biggest annual drop since 1981 last year as the yellow metal lost its shine as an inflation hedge.
Source: CCTV
