China remained the world’s No 1 gold consumer for a fourth straight year in 2016 as a weakening yuan and increased market volatility underpinned investment demand, which partially offset a slump in jewellery purchases as the economy slowed.

Gold consumption reached 975.38 tonnes in 2016, down 6.7 per cent from 2015, according to data from China Gold Association on Wednesday.

China’s gold production also topped the world for a 10th straight year, rising 0.76 per cent in 2016 to 453.486 tonnes.