China seems to have recovered its appetite for gold, with demand for bars and jewellery markedly increasing in the first nine months of the year, data from the China Gold Association shows.
Total gold consumption, including jewellery and bullions but excluding the central bank’s purchases, went up 16% to 815.9 tonnes in the period, the association reported Wednesday according to Xinhua news agency. That’s a positive turnaround from the same period last year, when demand dropped by almost 13%.
Demand for gold bars jumped 44.5% to 222 tonnes amid rising global demand for safe haven investments. Jewellery consumption, in turn, rose 7.44% to 503.87 tonnes.