China Gold Association: Gold consumption fell 48.2% YoY in Q1

With the Chinese shoppers away from the malls amid coronavirus pandemic induced nationwide lockdown, the country’s buying of gold jewelry, gold bars and coins, etc., plunged in the first quarter of the year, according to the latest data published by China Gold Association.

The association said the gold consumption in the country fell 48.2% on an annualized basis in Q1 2020.

Gold defends $1700 amid risk-off

Gold prices are consolidating the losses near 1702 levels, having hit a daily low of 1700.52 earlier on the day. The spot dived almost $16 in Tuesday’s Asian trading so far, as the dollar regained poise amid deteriorating risk sentiment.