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Q3 Reports: Recovery For Gold Consumption In China

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EDITOR NOTE: Seasonal gold demand can sometimes be a reliable predictor, though it's never guaranteed. China’s wedding season, falling in the third quarter of the year, saw nothing but consistency, a sign of its bold advance from the pandemic. Demand for the yellow metal surged nearly 29% quarter on quarter, as gold consumption reached a total of 224.8 tonnes between the months of July and September. This included not only gold jewelry sales but also coins, which saw an impressive 65.54 tonnes sold (a rise in the same period of 66.7%). Analysts see China’s booming gold market as a sign of its robust economic recovery, as well as a prudent hedge against the loose monetary trend engulfing the rest of the globe.

BEIJING, Nov. 7 (Xinhua) -- China's gold consumption recovered strongly during the third quarter due to a stabilizing domestic economy and booming demand from the wedding market.

Gold consumption reached 224.8 tonnes from July to September, up 28.71 percent quarter on quarter, according to the China Gold Association.

During the same period, consumption of gold coins and bars surged 66.73 percent quarter on quarter to 65.54 tonnes.

China's economic rebound and the wedding market's swift recovery from the COVID-19 shocks bolstered the surge in gold consumption, analysts said.

Gold output reached 92.86 tonnes in the third quarter, almost unchanged from the same period a year ago.

Originally posted on Xinua Net

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