Gold output dips on lower prices

Though China remained the world's largest gold producer, the country's annual output of the metal fell for the first time in 2015 due to lower prices in the global gold market, according to latest industry figures. The country produced 450 tonnes of gold last year, down 0.39 per cent year on year, the China Gold Association said. International gold prices have shed nearly 40 per cent since April 2013, squeezing producers' profits and affecting output, the association said. However, China remained the world's largest gold producer for a ninth year running and saw gold consumption recovering last year, the association said.