China's Q3 gold consumption tops the world

SHANGHAI - China has kept its position as the world's largest gold consumer, requiring 210 tonnes in the third quarter this year, said the World Gold Council(WGC) Thursday.

Gold bracelets sold at a gold store in Lianyungang city in Jiangsu province, Oct 2. [Photo/Xinhua]

The figure is an 18 percent increase on the same period last year in jewelry, bullion and coin sectors, said a report by the WGC.

China has increased its lead in gold demand over the world's traditionally biggest gold consumer, India.

In the July-September period, India's gold consumption was 148.2 tonnes, a 32-percent year-on-year decrease.

Jewelry consumption remained the largest component of global gold demand with total consumption at 487 tonnes, an increase of five-percent on Q3 last year.

The overall global demand was 869 tonnes, a 21-percent year-on-year decrease. However, demand remained strong across most countries and sectors, the report said.

Taking the year as a whole, the jewelry, bullion and coin sectors are showing year-to-date increases, while technology demand remains good.

Marcus Grubb, managing director with the investment department of the WGC said that, consistent with the first two quarters, the global gold market remains resilient, underpinned by the continued shift in demand from West to East, strong demand in consumer categories and solid central bank and technology sectors.