BEIJING, July 27 (Xinhua) — China produced 174.687 tonnes of gold in the first half of this year, an increase of 21.934 tonnes or 14.36 percent compared with the same period last year, industry data showed on Wednesday.

Gold consumption in China shrank by 12.84 percent year on year to 476.82 tonnes due to the impact of the COVID-19 outbreaks at home and the sharp fluctuations in gold prices in the first half of 2022, data from the China Gold Association (CGA) showed.

According to the CGA, the consumption of gold jewelry in China came in at 320.73 tonnes, down 7.98 percent from last year, while that of gold coins and bars plunged by 25.59 percent to 112.44 tonnes in the first six months.

During the same period, gold consumption for industrial and other uses stood at 43.65 tonnes, down 7.89 percent year on year.

Wednesday’s data also showed that holdings of gold-backed exchange-traded funds (ETFs) in China decreased 18.26 tonnes in the first half of 2022. By the end of June, total holdings of gold ETFs in the Chinese market were about 57.02 tonnes.

Originally Published by XinHua