China’s gold consumption surged 16.4% year-on-year in the first half of 2023, reaching 554.88 tons, according to data from the China Gold Association (CGA). The increase was driven by a number of factors, including rising incomes, growing investor demand, and the weakness of the US dollar.
Key points:
- Gold consumption in China rose 14.82% in the first half of 2023, led by a 30.12% increase in gold bar purchases.
- The rise in gold consumption was partly fueled by investors’ growing risk-aversion in buying equities and bonds, over concerns about volatile global financial conditions.
- The weakness of the US dollar also supported gold prices in China, making the metal more attractive to buyers.
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