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China Central Television (CCTV) quoted China Gold Association data on Thursday as saying that in 2017 China's domestic total production of 426.142 tons of gold, a year-on-year decrease of 27.344 tons or 6.03%; the actual consumption of gold 1,089.07 tons, an increase of 9.41%.

Gold Association said 2017 is the year when gold enterprises are facing the most pressure. As the state successively issued environmental taxes, resources tax policies and the withdrawal of mining rights within the eco-functional areas such as nature reserves, some gold mining enterprises reduced production or shut down rectification , Resulting in the first significant decline in gold output since 2000.

"Even so, China's gold output will remain the No. 1 position in the world for 11 consecutive years in 2017, and the nation's gold consumption will remain the No. 1 position in the world for five consecutive years in 2017." The association said.

According to the association's detailed statistics, in the actual consumption of gold in 2017, gold jewelry 696.50 tons, an increase of 10.35%; gold bullion 276.39 tons, an increase of 7.28%; gold coins 26 tons, down 16.64%; industrial and other 90.18 tons, an increase of 19.63% . Gold jewelery, bullion sales and industrial gold continued their upward trend, with only gold sales declining.

In addition, in 2017, the gold exchange volume of Shanghai Gold Exchange totaled 54,300 tons, an increase of 11.54% over the previous year, with a turnover of 14.98 trillion yuan, up 14.98% over the same period of previous year. The total volume of gold futures contracts on the Shanghai Futures Exchange was 39,000 tons , Down 43.96% from the same period of last year, with a turnover of 10.84 trillion yuan, down 41.99% from the same period of last year.

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