China's Gold output rises 10.3% y-o-y to 41.4 tons in August: Ministry

Gold  |  2012-10-10 09:16:36   |   By

Mainland China's gold output advanced sharply by 10.3% year-on-year to reach 41.4 tons in August this year, as per latest data released by the Ministry of Industry and Information Technology.

SHANGHAI (Scrap Monster): Mainland China's gold output advanced sharply by 10.3% year-on-year to reach 41.4 tons in August this year, as per latest data released by the Ministry of Industry and Information Technology.

According to the ministry data, World's biggest gold producer China produced 249.7 tons of gold in the first eight months of this year.

China continued to be the world's largest gold producer for the fifth straight year in 2011. Last year yellow metal output by the country rose by 5.89% year-on-year to 360.96 tons, it accounts 13.1% of the global gold production.

According to World Gold Council, India and China remain the top drivers of the global gold demand, accounting for 45% of the total demand.