BEIJING: April’s massive drop in gold prices led to demand in China hitting a record high of 60.3 billion yuan (US$9.8 billion) in the first quarter (1Q) of 2013.
The China Gold Association said gold sales in the country had surged 26 per cent year-on-year for the new high.
During the first three months of this year, some 320.54 tonnes of gold was sold in China compared to a total of 832.18 tonnes sold for all of last year in the country, Caixin online, a Chinese financial and business news portal reported.
Gold demand in China marked its peak during the Chinese Spring Festival in February, with jewelry, bars and coins accounting for 95 per cent of the total sales.
“Coin consumption tops among others, with sales up 137 per cent compared to the first quarter of last year,” it said. — Bernama