Chinese gold production advances 8%

Chinese gold output rose 8.2% to 270.167 tonnes from January to August 2013, year over year, according to data from the China Gold Association.

The association also said that August production was down slightly to 37.978 tonnes from 39.367 tonnes in July.

China is the world's largest gold producer for the 6th year in a row and is on track to soon overtake India as the top consumer. In 2012, Chinese gold consumption rose 9.35% to 832 tonnes.

And in the first half of 2013, consumption jumped a remarkable 54% year over year.

The boost in demand has been credited in large part to Chinese weddings, which account for roughly 50% of all Chinese domestic bullion consumption.