China's gold output, consumption decline in 2019

China's gold output and consumption both shrank in 2019, data from the Ministry of Industry and Information Technology (MIIT) showed.

China produced 500.4 tons of gold last year, down 2.6 percent from 2018.

Despite the output drop, the country has maintained its position as the world's largest gold producer for 13 consecutive years, said the ministry.

Gold consumption was also sluggish last year, decreasing by 12.9 percent from the previous year to 1,003 tons.

In breakdown, consumption of gold jewelry went down 8.2 percent from a year earlier to 676.2 tons.

Consumption of gold coins and gold bars slumped by 27 percent year-on-year to 225.8 tons, while gold consumption for industrial and other uses dropped 4.9 percent to 100.8 tons.

Market transactions remained active last year amid the rising gold prices, according to the MIIT.