Sharp increase seen in gold consumption

Gold consumption in China, the world's largest user after India, jumped 26 percent in the first three months of 2013 from a year ago amid strong bullion sales and rising jewelry demand, an association said. Total consumption reached 320.54 metric tons in the first quarter, the China Gold Association said on Tuesday. Purchases of gold bars surged 49 percent to 120.39 tons, while jewelry gained 16 percent to 178.59 tons, it said. Gold output in China, the world's largest producer, gained 11 percent in the same period to 89.91 tons, according to the association.

Largest cotton storage base set up in Shandong