前三季度中国黄金消费量逾680吨 同比降近8%

Core Insights - China's gold consumption in the first three quarters of 2025 reached 682.730 tons, a year-on-year decrease of 7.95% [1] - The demand for gold jewelry fell by 32.50% to 270.036 tons, while gold bars and coins saw a 24.55% increase to 352.116 tons [1] - Industrial gold usage increased by 2.72% to 60.578 tons, driven by the rapid development of electronic and new energy industries [1] Consumption Trends - Jewelry products, characterized by lighter weight and higher added value, continue to attract strong market interest despite the overall decline in gold consumption [1] - The demand for gold bars remains robust, influenced by escalating geopolitical conflicts and economic uncertainties, highlighting gold's role as a safe-haven asset [1] - Industrial gold demand is steadily recovering, supported by advancements in various industries [1] Production and Supply - Domestic gold production in China reached 271.782 tons, an increase of 1.39% year-on-year, while imported gold production rose by 8.94% to 121.149 tons [1] - Total gold production from domestic and imported sources amounted to 392.931 tons, reflecting a year-on-year growth of 3.60% [1] Strategic Developments - Key exploration and development projects in the gold industry are progressing steadily, with the Dandong Gold Mine in Liaoning province showing promising gold resource estimates of nearly 1500 tons [2] - The construction of ultra-deep mines has achieved significant milestones, with the San Shan Island gold mine reaching a depth of 2005 meters [2] Investment Trends - The domestic gold ETF saw an increase in holdings of 79.015 tons in the first three quarters, a substantial rise of 164.03% compared to the same period in 2024 [2] - As of September 2025, China's gold reserves reached 2303.52 tons, following an increase of 23.95 tons in the first three quarters [2]