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China’s gold consumption creeps higher in first quarter

China’s gold consumption edged up 0.76% year on year to 322.9 tonnes in the first quarter of this year, according to a report released by the China Gold Association.

Consumption of gold jewellery surged more than 30% from year ago to 232.53 tonnes.

The demand for gift-related gold bars saw significant declines as new regulations by Chinese authorities to curb gifts by government officials had also hurt the gold bar sale during the quarter.

The slower growth may also be temporary as the WGC has forecast 20% to 25% growth in Chinese gold demand in subsequent years.

In 2013, Chinese consumers lifted gold bars and jewellery purchases when the gold price fell, easing off as the price moved higher.