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Chinese gold output slides 9.9% YOY in H1'17

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Chinese gold output slides 9.9% YOY in H1'17

Gold output in China dropped 9.85% on a yearly basis to 206.54 tonnes in the first six months of 2017 amid tougher environmental restrictions on solid waste from gold prospecting and depleting reserves in the country, China Daily reported July 31, citing China Gold Association.

Total output included 178.46 tonnes of mined product and 28.08 tonnes of byproduct of nonferrous metal smelting.

Chinese gold consumption increased by about 10% to 545.23 tonnes in the six-month period, leading to rising imports of the precious metal.

According to the association, gold has become attractive to investors amid fragile global financial markets and increasing geopolitical uncertainty.

The gold price increased 1.43% to US$1,238.6 per ounce in the first half.