China set to hold onto golden title

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China is set to retain the title of the world's top bullion producer for the seventh consecutive year as it may produce a record-high 430 tons of gold this year, according to a senior official at China Gold Group Corp.

Gold output in China may rise 6.7 percent from 403 tons in 2012, said Du Haiqing, the firm's vice general manager. Production during the first eight months has reached 270 tons, he said at a mining conference in Tianjin yesterday.

Gold consumption in China has also been growing and is expected to exceed 1,000 tons this year, an increase of 20 percent from 2012, according to Du.

China is the second-biggest gold consumer in the world after India. It may overtake India to become the biggest market this year as bullion consumption jumped 54 percent year on year in the first half of 2013, according to data from the China Gold Association.

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