BEIJING: China’s gold consumption in the first three quarters of 2023 climbed 7.32% from a year earlier on increasing demand amid economic recovery, the China Gold Association said on Wednesday.

Consumption of the precious metal in the world’s largest consumer totaled 835.07 metric tons in the January-September period, with over 66%, or 552.04 tons, in gold jewellery, a rise of 5.72% year-on-year.

The rising pace of consumption of gold jewellery slowed down in the third quarter as buyers preferred to take a watchful stance amid lingering high gold prices , according to the association.

Interest in investment in the safe-haven asset mounted, with purchase of gold bars and coins rising nearly 16% to 222.37 tons, or 27% of the total, in the first nine months of the year.

The People’s Bank of China continued to buy gold in September for the eleventh month in a row, increasing its reserves to 2191.55 tons by the end of the third quarter.

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China’s production of gold using domestic raw materials climbed 0.47% from a year earlier to 271.248 tons in the first three quarters, with mined output at 214.866 tons and output of gold as a byproduct of non-ferrous metals at 56.382 tons.

Also, output of gold produced using imported raw materials stood at 96.277 tons from January to September, bringing the country’s total output to 367.525 tons, a rise of 3.14% on the year, according to the association data.