The Ministry of Industry and Information Technology (MIIT) said that China’s gold consumption declined 12.9 per cent year on year to 1,002.8 tonnes in 2019 as economic downward pressure weakened domestic consumption.
The ministry, on Wednesday, said that the consumption of gold bars and coins went down 27 per cent to 225.8 tonnes, while that of gold jewellery dropped 8.2 per cent to 676.2 tonnes.
It noted that gold output in 2019 stood at 500.4 tonnes, down 2.6 per cent from a year earlier.
According to the ministry, China’s gold output has been ranking the first in the world for 13 consecutive years.
“In 2019, the global spot gold price averaged $1,395.6 per ounce, up 9.8 per cent year on year.
“The average price of spot gold in China increased 13.7 per cent year on year to 308.7 yuan per gramme last year,’’ it said.