China, the world’s largest gold market, said its consumption of gold plunged 13 per cent in 2019 to 1,002.78 tonnes as international gold prices soared and marriages and births shrank at home.
It marked the first fall since 2016, with the absolute consumption the lowest in the last three years, according to data from the China Gold Association.
Gold jewellery consumption, which accounted for around two thirds of the total, fell 8.2 per cent to 676.23 tonnes, while consumption of bullion and coins, which are often used as alternative investments, plunged 27 per cent to 225.8 tonnes, the association said.
Industrial use of gold in China also dropped 4.9 per cent to 100.75 tonnes last year.