China’s gold output up nearly 3.7 pct from Jan to May

China’s gold output for the first five months of this year rose 3.67 percent year-on-year to hit 132.02 metric tons, according to statistics released on Tuesday by the Ministry of Industry and Information Technology (MIIT).

China's gold output up nearly 3.7 pct from Jan to May

Of the total, 109.13 metric tons came from ferrous mines, up 4.55 percent year-on-year, according to the MIIT data.

Non-ferrous mines contributed 22.89 metric tons, down 0.3 percent year-on-year, the statistics said.

China became the world’s largest gold producer in 2007. Its gold output reached 340.876 metric tons in 2010.

International gold prices have skyrocketed since February, reaching 1,570 U.S dollars per ounce in late April. This week’s price is around 1,545 U.S. dollars per ounce.

According to a report issued Tuesday by GFMS, a global precious metals consultancy firm, the price of gold is expected to top 1,600 U.S. dollars in the second half of the year as demand continues to increase.

The report said demand remains the key element in affecting gold prices, as developed economies around the world have kept interest rates low and investors remain cautious about global currency investment in light of the sovereign debt crisis.

Xinhua

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