China’s annual gold consumption is expected to be 1,200 tonnes by 2020, state-owned Shanghai Securities News reported on Wednesday, citing an estimate from a Ministry of Industry and Information Technology (MIIT) official.
Zhou Changyi, head of MIIT’s raw materials for industry department, also said that while demand is expected to increase in the future, current domestic production levels will remain unable to meet forecast homegrown demand.
China, the world’s top gold consumer and miner, consumed a total of 528.52 tonnes of gold in the first six months of 2016, down 7.68 percent from a year earlier, Shanghai Securities News said on Tuesday citing the country’s gold association.
In comparison, China produced 229.102 tonnes of gold in the first half of this year, up 0.16 percent from the same period a year ago, Shanghai Securities News said.
Chinese consumption rose 3.7 percent to 985.9 tonnes in 2015, driven by a recovery in jewellery manufacturing and consumption, according to the China Gold Association [nL3N15I1VD}. – Reuters