China’s gold bullion and coin consumption rises by 9.21% in 2020 | tellerreport.com

  China News Service, Beijing, February 1 (Reporter Liu Yuying) The latest statistics released by the China Gold Association on the 1st show that in 2020, China’s actual gold consumption was 820.98 tons, a decrease of 18.13% compared with the same period in 2019.

Among them, the consumption of gold bars and gold coins was 246.59 tons, a year-on-year increase of 9.21%.

  In 2020, in the context of the spread of the new crown pneumonia epidemic, the deterioration of the global economic situation and the further loosening of monetary policies in various countries, the price of gold has generally risen and maintained a huge volatility.

At the end of the year, the spot gold price in London was fixed at US$1891.10 per ounce, an increase of 24.17% from the end of the previous year.

  With the outbreak of the new crown pneumonia in early 2020, China quickly adopted strict prevention and control measures. The production, processing, and retail of gold jewelry and gold bars were greatly affected. In the first quarter, gold consumption fell by 48.20% year-on-year. The economy continued to recover steadily, and gold consumption rose steadily.

  Some gold retail companies have opened up new markets online and have achieved outstanding sales. However, due to the low online sales base, they still cannot compensate for the decline in store sales.

In 2020, China’s gold jewelry consumption was 490.58 tons, a year-on-year decrease of 27.45%.

  The huge fluctuations in gold prices and loose monetary policy aroused the attention of private investors to gold. In the second half of the year, the consumption of gold bars and gold coins increased by 50.91% compared with the same period of the previous year, which reversed the consumption trend of gold bars and gold coins throughout the year.

In 2020, the consumption of gold bars and coins was 246.59 tons, a year-on-year increase of 9.21%.

  In 2020, China’s domestic raw material gold production was 365.34 tons, a decrease of 14.88 tons compared with the same period in 2019, a year-on-year decrease of 3.91%.

Among them, 301.69 tons of gold from gold mines and 63.65 tons of non-ferrous by-product gold were completed.

This content was originally published here.

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