China’s Gold Consumption and Production in Q1 2025

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Decline in Gold Consumption

China experienced a noticeable reduction in gold consumption during the first quarter of 2025, as highlighted by a recent report from the China Gold Association. The consumption dropped by 5.96% year-on-year, totaling 290,492 tons. This decline is primarily attributed to the adverse effects of continuously high gold prices, which have dampened the demand for gold jewelry.

Shift in Consumer Preferences

The elevated gold prices have significantly altered consumer preferences. Traditional gold items, such as gold ornaments and jewelry, have seen a decrease in popularity. In contrast, consumers have shown an increased interest in investing in gold bars and coins. During the first quarter, the consumption of gold jewelry plummeted by 26.85% year-on-year, reaching 134,531 tons. Conversely, the consumption of gold bullion and coins surged by 29.81% over the previous year, climbing to 138,018 tons. Investors have turned to these safe-haven assets amidst ongoing geopolitical uncertainties and economic fluctuations.

Increase in Domestic Gold Production

Despite the decline in consumption, China’s domestic gold production witnessed a modest increase in the first quarter of 2025. Production rose by 1.49% year-on-year, amounting to 87,243 tons. When factoring in the 53,587 tons of gold derived from imported materials, the total gold production in China for the quarter reached 140,830 tons. This marks an overall increase of 1.18% compared to the same period in the previous year.