According to data from the China Gold Association on October 28, my country’s gold production in the first three quarters of this year was 268.068 tons, a year-on-year decrease of 1.17%; gold consumption was 741.732 tons, a year-on-year decrease of 11.18%. In this regard, the China Gold Association analyzed that the high gold price has significantly suppressed the consumption of gold jewelry, but the consumption of gold bars and gold coins with relatively low premiums has maintained a significant increase.
From the production side, in the first three quarters, domestic gold mineral production was 209.71 tons, and non-ferrous by-product gold was 58.358 tons. In addition, imported raw materials produced 111.207 tons of gold, a year-on-year increase of 15.51%.
The China Gold Association stated that in the first three quarters, some gold mining companies and large gold smelting companies seized the opportunity of high gold prices to adjust their production capacity structure and optimize their production layout. However, due to the gradual reduction of easy-to-mine resources in old mines, some newly built large mines have not yet formed production capacity, and gold production has generally declined.
From the consumer side, the consumption of gold jewelry was 400.038 tons, a year-on-year decrease of 27.53%; the consumption of gold bars and gold coins was 282.721 tons, a year-on-year increase of 27.14%; the consumption of gold for industrial and other purposes was 58.973 tons, a year-on-year decrease of 2.78%.
The China Gold Association said that in the first three quarters of this year, new e-commerce models such as live streaming and instant retail developed rapidly, driving the growth of small-weight gold jewelry consumption. However, the price of gold has been rising all the way, and the consumption of gold jewelry has been significantly affected.
Since the beginning of this year, central banks of various countries have continued to increase their gold holdings. Countries with more reserves include Turkey, India, Poland, the Czech Republic, and Iraq. China’s gold reserves did not change in the third quarter. As of the end of September, China’s gold reserves were still 2264.33 tons.