China's gold consumption rises 5.94% in Q1

China's gold consumption rose 5.94 percent in the first quarter of 2024 from a year earlier, thanks to surging demand for safe havens, China Gold Association said on Friday.

Consumption of the precious metal by the world's largest consumer amounted to 308.91 metric tons in the first three months of the year, with purchases of gold bars and coins increasing by 26.77 percent to 106.32 tons in the January-March period, or 34 percent of the total, it said.

Gold jewelry consumption fell 3 percent to 183.92 tons, or 59.5 percent of the total, amid rising gold prices increasing operational risks for precious metal processing and sales companies.

China's gold production from domestically produced raw materials rose 1.16 percent to 85.96 tons. Gold production from imported raw materials rose 78 percent to 53.23 tons, bringing total gold production in the world's second-largest economy to 139.18 tons, an increase of 21.16 percent, it said.