China named largest gold producer for the 10th year

(January 25, 2017 - by GB Times Beijing)

China produced 453.5 tons of gold in 2016, a 0.76 percent rise from 2015 which sees the country confirmed as the largest gold producer in the world for the tenth consecutive year. 

The China Gold Association (CGA) released statistics of Chinese gold production and consumption on Wednesday, showing that more than 970 tons of gold had been bought by consumers in 2016, a 6.74 percent year-on-year decline, ifeng News reported. 

Investments in gold bars and coins rose 28 percent and 36 percent respectively, while investment in gold jewelry fell nearly 19 percent.

According to the CGA, increasing international uncertainty regarding Brexit and Donald Trump -  as well as a stronger dollar and the Federal Reserve’s decision to lift interest rates, has led to people turning to gold investment.

China’s central bank has added to its gold reserve since July, 2015, bringing it up to 1,842 tons.

After South Africa, China is the world’s second largest gold owner with an estimated 11,563 tons of gold resources as of the end of 2015.