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Gold Consumption in China Falls Record 18% in 2020 Due to Coronavirus Pandemic

Asia / Non-ferrous metallurgy

The Chinese jewelry market was the earliest to emerge from the restrictive regime and became the only locomotive of jewelry demand after the extremely low first quarter.

Gold Consumption in China Falls Record 18% in 2020 Due to Coronavirus Pandemic

China's gold consumption fell 18.13% year-on-year to 820.98 tonnes in 2020 amid the COVID-19 outbreak hitting gold jewelry sales, industry data showed on Monday. /p>

According to data released by the Chinese Society of Gold Miners, last year the consumption of gold jewelry in the Chinese market was 490.58 tons, down 27.45% on an annualized basis.

During the same period, the consumption of gold coins and bars in the country grew by 9.21% year on year to 246.59 tons, while the use of gold for industrial and other purposes decreased by 16.81% compared to a year earlier to 83.81 tons.

After a record 48.2% decline in the first quarter of 2020, gold consumption in China has gradually grown thanks to effective measures to contain and control the epidemic and the economic recovery.

In 2020, gold production in China was 365.34 tons, which is 3.91% less than in the previous year.

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