Chinese yearly Gold consumption likely to hit 1,200 tons by 2020

CHINA July 27 2016 3:12 PM

SHANGHAI (Scrap Register): Chinese yearly gold consumption is expected to be 1,200 tons by 2020 while demand is expected to increase in the future, current domestic production levels will remain unable to meet forecast homegrown demand, said Ministry of Industry and Information Technology.

China, the world's top gold consumer and miner, consumed a total of 528.52 tons of gold in the first six months of 2016, down 7.68 percent from a year earlier.

In comparison, China produced 229.102 tons of gold in the first half of this year, up 0.16 percent from the same period a year ago.

Chinese consumption rose 3.7 percent to 985.9 tons in 2015, driven by a recovery in jewellery manufacturing and consumption.