China continues leading the world in gold production, consumption

China is set to continue to lead the world in production and consumption of gold, Song Xin, head of the China Gold Association (CGA) said.

China produced 516 tonnes of gold in 2015, up 0.6 percent from 2014, more than any other country.

Increasing demand for gold jewelry and bars made the country consumed 986 tonnes of the precious metal in 2015, up 3.7 percent, also the highest in the world.

Till the end of 2015, China had been the world's leading gold producer for nine years and consumer for three.

For the first half of 2016, China produced 229 tonnes of gold and consumed 529 tonnes, the CGA data showed.

In April this year, China launched a yuan-denominated Shanghai gold benchmark price, a move which Song said showed China's increasing sway in the global gold market.