BEIJING, May 2 (Xinhua) -- China's gold consumption plunged 48.2 percent year on year to 148.63 tonnes in the first quarter (Q1) of 2020 due to the novel coronavirus epidemic and surging gold prices, industry data showed.

Consumption of gold jewelry in China plummeted 51.06 percent from a year earlier to 92.04 tonnes, while that of gold coins and bars slumped 46.97 percent year on year to 37.67 tonnes, according to data released by the China Gold Association (CGA).

Gold consumption for industrial and other uses stood at 18.92 tonnes in the January-March period, down 32.04 percent year on year.

Demand for gold jewelry and gold bars were subdued in the first three months due to factors including the epidemic containment measures and mounting gold prices, said Zhang Yongtao, deputy head of the CGA.

Statistics showed China's gold buy-back market logged an increase in Q1, led by soaring gold prices.

China produced 82.63 tonnes of gold in Q1, down 10.93 percent, or 10.14 tonnes, compared with the previous year. Enditem

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