China 2011 gold output tops 360 tons

Beijing (CNS) -- China's gold yield was recorded as 360.957 tons in 2011, 20.081 tons and 5.89 percent more than last year, the China Gold Association (CGA) said on Tuesday.

It's the fifth time in a row China produced more gold than any other country, the CGA added.

The value of gold as a risk-avoidance investment was again reinforced during the latest financial turbulence, and has contributed to high gold prices throughout the year.

The yearly average of gold prices comes to US$ 1,571.68 per ounce, and the high point of the year, at US$ 1,920.38, hit on September 6.

Henan in central China, Shandong, Jiangxi and Fujian in the east, as well as Inner Mongolia in the north, house 59.9 percent of China's total gold output in 2011.

Small gold trade enterprises are gradually expanding and asserting their dominance.

The domestic gold trade has also had a prosperous year, according to the CGA.

The Shanghai Gold Exchange recorded gold transactions to the tune of 7,438.463 tons throughout the year, up 23.03 percent year-on-year, which were sold at 24,772.168 yuan (about US$ 3914), a 53.45 percent hike compared to 2010.

The Shanghai Futures Exchange recorded total transaction values of the year's 14.44352 million contracts at about 5.0976 trillion yuan (US$ 8,054.22 billion), respectively 112.59 percent and 178.69 percent more than in 2010.