Song Quanli, a senior officer with the China National Gold Group Corp., said the country’s bullion consumption rose to 141.9 tons in 2010, up 94 percent from the previous year, as the realty market and stock market turned bearish.

Gold prices may retreat to US$1,450 a troy ounce in the next three months because of the risk of a major sell-off of bullion when the economic backdrop for investment sours, according to a report the World Gold Council released.

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