Gold use declines but production grows

Gold consumption in China fell last year for the first time since the gold investment market opened in 2002, while gold production continued to grow, the China Gold Association said yesterday.

Gold consumption dimmed 24.7 percent in 2014 from a year ago to 886 tons, the first year-on-year decline in more than a decade as low gold prices dampened investment sentiment, the association said.

That compared with a 41 percent annual jump in 2013 from 2012.

"A tumble in gold prices in 2013 resulted in a surge in consumption, and the relatively low and stable prices in 2014 dampened investment," the association said in a statement yesterday.

Chinese consumers were more rational in gold investment, and the consumption of gold jewelry, coins and bullion continued to rise.

However, the decline last year could threaten China's position as the world's largest gold consumer. A Gold Fields Mineral Services survey last week said India reclaimed its spot as the world's biggest gold consumer from China as Indian demand rose to 880 tons while Chinese demand shrank to 866 tons.

The annual gold output in China rose 5.5 percent to 451.8 tons, keeping China as the world's largest gold producer for the eighth straight year, according to the association.

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