Gold prices have rallied by about a third this year, hitting a fresh peak last week, on increased purchases by central banks, as well as sustained haven demand from investors. That surge has made jewelry purchases much more expensive at a time when many Chinese consumers are already feeling the strain from a prolonged slowdown in the economy.
Over the first three quarters, gold consumption fell by 11% to 742 tons, according to the council. Last month, non-monetary imports dropped to 97 tons, down 22% from a year ago, although they rose from August.
Read More: BofA’s Hartnett says bets on gold are rising before US election