China's output of gold soars 12%

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Gold production in China, the biggest producer and second-largest consumer of the precious metal, surged nearly 12 percent year on year last year despite a slowdown in the domestic economy, state media said.

Output rose to 403.1 tons in 2012, up 11.66 percent from 2011, the official Xinhua news agency said at the weekend, quoting figures from the Ministry of Industry and Information Technology.

Industry group the World Gold Council has put China’s consumer demand for gold at 776.1 tons last year, flat from 2011.

It attributed the stable Chinese demand to a slowdown in the domestic economy and consolidation in prices, according to its report released this month. – Sapa-AFP

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