Chinese demand for gold bars and coins soars in first quarter

China's demand for gold bars and coins soared 30 percent year-on-year to 105.9 metric tons in the first quarter of this year, the fourth strongest quarter on record, according to report released by the World Gold Council on Thursday.

Overall demand for gold in the Chinese market grew 8 percent year-on-year to 282.4 tons, making China the world's top gold consumer, according to WGC data.

Global demand for gold in the quarter was 1,034.5 tons, an 18 percent year-on-year decrease from the record high level recorded for the first quarter of 2016.