Precious metal output and purchasing soar

Despite plummeting gold prices, gold output and purchasing in China both hit record highs in 2013, reinforcing expectations that China might overtake India as the top buyer of the precious metal this year, data from the China Gold Association revealed on Monday.

The record-high level of demand for gold in the world's second-largest gold buyer came as prices of bullion slumped about 25 percent per gram to its lowest level since 2010, stabilizing at 240 yuan ($40) at the end of the year.

The Chinese bought 1,176.40 metric tons of gold, up 41.36 percent over the previous year, marking a seventh year in a row as the world's top gold miner. It is also the first time the world's second-largest gold buyer has exceeded the threshold of 1,000 metric tons, the association said on its website.