China's H1 gold consumption down 20%

China's gold consumption declined by nearly 20% in the first half of 2014, ending the robust growth of last year, showed data released by the China Gold Association on Wednesday.
China consumed 569.45 tonnes of gold in the first half. Consumption for jewelry increased by 11% while consumption for bars fell by 62%, according to the association.
During the period, China produced 211 tonnes of gold, up 9% year on year, China's News Agency (Xinhua) reported.
China's gold consumption soared 41.36% year on year to 1,176.4 tonnes in 2013 due to surging demand for gold jewelry and bars.
In the second quarter of 2013, the international gold price dropped to around 1,400 US dollars per ounce from the 1,600-US-dollar level, prompting Chinese consumers to go on a shopping spree.