Gold jewellery shop in Shanghai
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Gold jewellery consumption in China fell by 51.06 per cent in the first quarter of 2020 to 92.04 tonnes owing to rising gold prices and virus-induced lockdowns, the China Gold Association (CGA) revealed.
Total gold demand in China also plunged 48.2 per cent while that of gold bars and coins sank 46.97 per cent.
The association said demand was down due to high gold prices and lower jewellery sales amid the Covid-19 outbreak.
Gold prices reached US$1,747.43 per ounce in April, a record high in more than seven years, according to CGA. Gold production was also down 10.93 per cent compared to last year, it added.