By Amy Lv and Joe Cash
BEIJING- China’s gold consumption in the first three quarters of 2024 slid 11.18 percent from the same period a year ago to 741.732 metric tons as high prices dented buying interest for jewelry products, the state-backed gold association said on Monday.
Gold jewelry buying, which accounts for 53.9 percent of total consumption, slipped during January to September to 400.038 tons, down 27.53 percent 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 jewelry 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 percent from the beginning of the year to 596.72 yuan ($83.69) a gram on Sept. 30.
The contract climbed over 600 yuan a gram to hit a record at 630.44 yuan a gram on Oct. 23 amid the intensified conflict in the Middle East.
Purchases of gold bars and coins, which usually reflect safe-haven demand, climbed by 27.14 percent to 282.721 tons thanks to “relatively low premium”, it said. -Reuters
