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World Gold Council: Second Quarter Gold Consumption in China Down 52 Percent

People’s Daily recently published an article on gold consumption. The World Gold Council released its gold consumption and demand report, indicating that gold consumption in China, including gold jewelry, gold bars, and coins, for the second quarter of 2014 was 192.5 tons. This represented a 52 percent decrease from the same period in 2013. Second quarter gold jewelry consumption was 144 tons, down 45 percent from the same period in 2013. The Council adjusted the second half of the gold demand in China downward by 10 percent. The article reported that in 2013, international gold prices had dropped 28 percent, the largest drop since 1981. China’s gold consumption soared in 2013. The article said that China had surpassed India and become the largest gold consumption country in the world.

Source: People’s Daily, August 15, 2014