Gold price all over world China Jan-Sept gold consumption slides 11% as high prices deter buying appetite

China Jan-Sept gold consumption slides 11% as high prices deter buying appetite Gold jewellery purchase falls 27.53% y/y Buying for gold bars and coins climbs 27.14% y/yDomestically produced gold dips 1.17% y/y China's total gold output increases 3.2% y/y BEIJING, Oct 28 (Reuters) - China's gold consumption in the first three quarters of 2024 slid 11.18% from the same period a year ago to 741.732 metric tons as high prices dented buying interest for jewellery products, the state-backed gold association said on Monday. Gold jewellery buying, which accounts for 53.9% of total consumption, slipped during January to September to 400.038 tons, down 27.53% from the prior year period, data from the China Gold Association showed. Gold prices have been on the rise over the first three quarters, affecting jewellery buying, although the rapid development of new e-commerce models such as live streaming and instant retail has driven the growth of small gram gold jewelry consumption," the association said. The most-active gold contract on the Shanghai Futures Exchange jumped by 23.5% from the beginning of the year to 596.72 yuan ($83.69) a gram on Sept. 30. The most-active gold contract on the Shanghai Futures Exchange jumped by 23.5% from the beginning of the year to 596.72 yuan ($83.69) a gram on Sept. 30. Purchases of gold bars and coins, which usually reflect safe-haven demand, climbed by 27.14% to 282.721 tons thanks to "relatively low premium", it said. China's gold output from domestically produced raw materials dipped by 1.17% to 268.068 tons in the first three quarters of the year. The domestic industry is in the middle of old-new capacity conversion with the newly built large mines yet to form new production capacity, so output did not pose the expected increase," the association said. NewallHindustans Cricket news monthly newsletter trending topics contents mobile review