China's 2012 gold output up 12 percent - paper

SHANGHAI Thu Feb 7, 2013 10:06am IST

A shop assistant displays gold bangles for the camera at a jewellery store in Singapore March 4, 2008. REUTERS/Vivek Prakash/Files

A shop assistant displays gold bangles for the camera at a jewellery store in Singapore March 4, 2008.

Credit: Reuters/Vivek Prakash/Files

Related Topics

SHANGHAI (Reuters) - China's gold production rose for a sixth consecutive year and hit a record 403 tonnes in 2012, keeping its ranking as the world's largest bullion producer, the Shanghai Securities News said on Thursday.

Compared to a year ago, gold production was up 11.7 percent, the paper said, citing data from China's Gold Association. The country overtook South Africa as the world's top bullion producer in 2007 and its gold output has doubled since 2003.

China has said that it aims to produce between 420 and 450 tonnes of the precious metal in 2015, while consumption may reach 1,000 tonnes by then.

China, which vies with India to be the world's top gold consumer, has seen its gold demand jump in recent years as an increasing affluent population turns to gold as an investment.

Hong Kong's net gold flow to mainland China jumped 47 percent in 2012 to a record high of 557.478 tonnes, indicating robust demand in China.

(Reporting by Fayen Wong; Editing by Muralikumar Anantharaman)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage