China’s gold consumption grew 14.73% year-on-year to 304.14 metric tons in the first quarter of 2017, while gold output fell 9.29% to 101.2 metric tons for the same period, data from the China Gold Association showed.

Meanwhile, sales of gold bars surged 60.18% to 101.19 metric tons, the association added.

The surge in gold bar sales was due to a rising trend in Chinese market to use them to hedge against risk, the official Xinhua News Agency reported on Thursday.