BEIJING: China’s gold consumption rose more than 16% year-on-year to 554.88 metric tons in the first half of the year, while output climbed 2.24% to 178.598 metric tons, state media CCTV said on Tuesday, citing a report by China Gold Association.

The consumption of gold jewellery increased nearly 15% to 368.26 metric tons in the first half, CCTV quoted the report as saying.

The consumption figure excludes reserve purchases by the central bank.

The production of gold enterprises has returned to normal in the first half year of 2023, China Gold Association reportedly said.

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Large gold enterprises are actively promoting mergers and acquisitions, which will further concentrate high-quality gold resources, the association said, per the report.