Amid falling prices China’s gold production decreased by 0.39% in 2015

Almaty. February 8. Silkroadnews – China’s annual old production decreased for the first time in 2015 due to the fall in prices for the metal at the global market, Xinhua news agency reports.
Last year the country produced 450 tons of gold, which is 0.39% less to compare with the previous year.
According to the China Gold Association, the international gold prices have shed nearly 40% since April 2013, squeezing producers’ profits and affecting output.
Despite this China remained the world’s largest gold producer for a ninth year running and saw gold consumption recovering last year.
In 2015, China consumed 986 tons of gold with 3.7% increase year on year compared with a 24.7% slump in 2014.
The association attributed the growth to a marked increase in gold jewelry sales and forecasts the country would maintain its status as the world’s biggest gold consumer.
China’s gold reserve reached 1,762 tons at the end of 2015, the association said.