China’s gold demand fell 19 percent to 569 metric tonnes in the first six months of this year as investors bought fewer bars and coins, offsetting increased demand for gold jewellery, the China Gold Association (CGA) said.
China’s demand for bars dropped to 105.6 tons in the first half from a year earlier, while jewellery consumption climbed to 426.2 tons, according to the association. Bullion used in industry rose 11 percent to 26.8 tons, while demand for gold coins and other uses of the metal dropped 44 percent to 11 tons, it said.
Despite this recent fall, the World Gold Council (WGC) still expects Chinese consumption to increase to 1,350 metric tonnes by 2017 as China’s middle class continues to expand.
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