China Economic Net – January 26, 2024
According to the Xinhua News Agency, the National Gold Association has reported a significant increase in gold consumption in China in 2023. The consumption of gold in the country has seen a year-on-year increase of 8.78%, totaling 1,089.69 tons.
The breakdown of the consumption includes 706.48 tons for gold jewelry, 299.60 tons for gold bars and coins, and 83.61 tons for industrial and other uses. The increase in consumption is credited to the recovery of the domestic consumer market, as well as innovation in the design of gold jewelry products by processing and retail companies.
Zhang Yongtao, vice president and secretary-general of the China Gold Association, explained that the recovery of the domestic consumer market played a significant role in the increased demand for gold, particularly in the jewelry sector. Additionally, the availability of gold bars and coins with low premiums has also attracted consumers with physical gold investment needs.
On the production side, China’s domestic raw gold output in 2023 increased by 0.84% to 375.155 tons, with 297.258 tons being gold mined and 77.897 tons from non-ferrous by-product gold. Additionally, imported raw materials produced 144.134 tons of gold, marking a year-on-year increase of 14.59%.
It is also noted that international gold prices saw fluctuations at high levels in 2023. The closing price of Au9999 gold on the Shanghai Gold Exchange at the end of December 2023 was 479.59 yuan/gram, representing a 16.69% increase from the opening price at the beginning of the year. The weighted average price for the year was 449.05 yuan/gram, a 14.97% increase from the previous year.
The report from the China Gold Association indicates a positive trend in gold consumption in the country, driven by both domestic and international factors. As the market continues to evolve, it will be interesting to see how these dynamics impact gold consumption in the coming years.
For more information or cooperation, please follow the official WeChat of China Economic Net (name: China Economic Net, id: ourcecn).
(Editor: Ou Yunhai)