China gold consumption soars in first half

Big demand: Gold on display at a store in China. Experts say the surge in demand is buoyed by the recovering economy, domestic measures to boost consumption and rise in per capita disposable income. — AFP

BEIJING: China’s gold jewellery consumption increased 62% year-on-year (y-o-y) to 146.9 tonnes in the second quarter, bringing first half gold jewellery consumption volume to a level not seen since 2015, according to a report by the World Gold Council (WGC).

The consumption volume of gold jewellery in the second quarter was 8% higher than that in the same period of 2019, and 5% higher than the average level of the quarter in years between 2010 and 2019, the report said.