China gold consumption plunges 12.91% in 2019

BEIJING - China's gold consumption shrank 12.91 percent year-on-year to 1,002.78 tons in 2019, industry data showed Tuesday.

Consumption of gold jewelry in China went down 8.16 percent from a year earlier to 676.23 tons, while gold consumption for industrial and other uses stood at 100.75 tons, down 4.9 percent year-on-year, according to data released by China Gold Association.

Consumption of gold coins and gold bars slumped by 26.97 percent year-on-year to 225.8 tons.

Meanwhile, China produced 380.23 tons of gold last year, down 5.21 percent, or 20.89 tons, compared with the previous year.

By the end of 2019, China had been the world's leading gold producer for 13 consecutive years.