Yellow metal bounces back as safe-haven investment

An employee sorts gold ornaments at a jewelry shop in Lianyungang, Jiangsu province. [PHOTO by SI WEI/FOR CHINA DAILY]

CHINA's gold production has recovered to pre-pandemic levels as demand for the precious metal and jewelry jumped during the first quarter, with people seeking safe havens away from jittery financial markets, said an industry association on Tuesday.

China's gold output rose 6.92 percent in the first quarter to 114.87 metric tons, including some imports. Mined gold output in China, the world's largest gold-consuming country, rose 1.9 percent to 84.97 tons from the same period a year earlier, as capacity returned to pre-COVID-19 levels, the China Gold Association said on Tuesday.