Gold Consumption in China increased by 36.53% in 2021

According to the China Gold Association, domestic gold consumption in 2021 is up by more than a third compared to 2020 as the economy recovers from the effects of the coronavirus pandemic.

Overall, gold consumption in 2021 increased by 36.53% to 1,120.9 tons and by 11.78% compared to pre-pandemic levels.

“Because of the excellent results of overall economic development as well as the prevention and control of the epidemic of China. The consumption of gold in the country throughout 2021 is likely to recover and expand rapidly. compared to the same period in 2020,” the China Gold Association said in a statement.

The sale of gold coins and bars increased by 26.87% to 312.86 tons.

However, China’s gold production fell 9.95% year-on-year to 328.98 tonnes in 2021.

The decline in production was due to the closure of mines in the Shandong and Henan provinces, which are among the most important gold-producing provinces in China. Several mining accidents led to the closures.

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