China's gold output edges up in Q1

BEIJING - China's gold output in the first quarter (Q1) of 2016 edged up due to higher prices in the global gold market, according to latest industry figures.

The country produced 111.56 tons of gold in the first three months, up 0.78 percent year on year, the China Gold Association said Wednesday on its website.

International gold prices have rebounded slightly following the easing moves of major currencies and stabilizing commodity prices, the association said.

China consumed 318.28 tons of gold in the first quarter, down 3.91 percent compared with the same period last year. The association attributed the drop largely to a marked decrease in gold jewelry sales.

China's gold reserve reached 1,797.5 tons by the end of March 2016, the association said.