(Yicai) Nov. 10 -- Against the backdrop of soaring gold prices, China’s consumption of the precious metal fell 8 percent in the January to September period, driven largely by a nearly 33 percent slump in gold jewelry demand.

China's gold consumption fell to 682.73 tons in the nine months ended Sept. 30 from a year earlier, according to data released by the China Gold Association today. Gold jewelry consumption plunged to 270.036 tons, gold bar and coin demand rose 25 percent to 352.116 tons, and industrial and other gold use increased 2.7 percent to 60.578 tons.

The performance of different product categories was highly uneven, the CGA pointed out. Lightweight, high-value jewelry sold well and the demand for gold bars and coins was robust, with geopolitical conflicts and economic uncertainty underscoring the metal’s role as a safe haven and store of value. Industrial demand is also steadily recovering, thanks to growth in the electronics, new energy, and other sectors, it said.

The London spot gold price was USD3,825.30 per ounce as of Sept. 30, up nearly 45 percent year to date. The closing price of Au9999 on the Shanghai Gold Exchange was CNY871.86 (USD122.47) per gram on the same day, up 42 percent in the same period.

China's domestic gold production rose 1.4 percent to 271.782 tons in the first three quarters. Gold imports surged 8.9 percent to 121.149 tons, bringing the country's total production to 392.931 tons, up 3.6 percent in the period.

Large Chinese miners extracted 61.439 tons of gold overseas between January and September, an increase of 18 percent from a year earlier.

Gold trading on the SGE rose 2.5 percent to 23,800 tons in the first nine months, surging 42 percent by value to CNY17.68 trillion (USD2.48 trillion). Gold futures and options trading on the Shanghai Futures Exchange hit 103,600 tons, up 60 percent, while soaring 113 percent to CNY61.08 trillion (USD8.58 trillion) by value.

Editor: Futura Costaglione