中国黄金协会：2025年金条及金币消费量同比增长35.14%

Core Insights - In 2025, China's gold consumption reached 950.096 tons, a decrease of 3.57% year-on-year [1] - The consumption of gold jewelry fell to 363.836 tons, down 31.61% year-on-year, while gold bars and coins consumption increased to 504.238 tons, up 35.14% year-on-year [1] - Industrial and other gold usage rose to 82.022 tons, marking a 2.32% increase year-on-year [1] - The shift in consumption structure is highlighted by gold bars and coins surpassing jewelry for the first time [1] Industry Trends - The demand for gold in the industrial sector is steadily increasing, driven by the rapid development of emerging industries such as electronics and new energy [1] - In 2025, domestic gold ETFs saw an annual increase of 133.118 tons, a significant rise of 149.91% compared to 53.266 tons in 2024 [1] - By the end of December 2025, the total holdings of domestic gold ETFs reached 247.852 tons [1] Central Bank Activity - Global central banks have been consistently increasing their gold reserves, with China adding 26.75 tons of gold in 2025 [1] - China has increased its gold holdings for 14 consecutive months from November 2024 to December 2025, with total reserves reaching 2306.32 tons by the end of 2025 [1]