Group 1: Production Overview - China's gold production in the first three quarters reached 271.782 tons, a year-on-year increase of 1.39% [1] - Domestic raw gold production was 271.782 tons, while imported raw gold production was 121.149 tons, marking an 8.94% increase [1] - Total gold production from domestic and imported raw materials was 392.931 tons, reflecting a 3.6% year-on-year growth [1] Group 2: Consumption Insights - Gold consumption in China for the first three quarters totaled 682.73 tons, a decrease of 7.95% year-on-year [1] - Gold jewelry consumption dropped to 270.036 tons, down 32.5% year-on-year [1] - Demand for gold bars and coins increased by 24.55% to 352.116 tons, while industrial and other gold usage rose by 2.72% to 60.578 tons [1] Group 3: Market Activity - The Shanghai Gold Exchange reported a total trading volume of 47,600 tons, an increase of 2.45% year-on-year [2] - The total trading value reached 35.35 trillion yuan, up 41.55% compared to the previous year [2] - Domestic gold ETF holdings grew by 79.015 tons, reaching a total of 193.749 tons by the end of September [2] Group 4: Industry Developments - Key exploration and development projects in the gold industry are progressing steadily, with significant findings such as the Dadonggou gold mine in Liaoning province, which has an estimated resource of nearly 1,500 tons [1] - The successful completion of the shaft project at the Sanshan Island gold mine, reaching a depth of 2005 meters, indicates ongoing investment in gold mining infrastructure [1] Group 5: Market Trends - Geopolitical tensions have heightened the demand for gold as a safe-haven asset, particularly increasing the demand for gold bars [1] - The rapid development of electronic and new energy industries has contributed to a steady recovery in industrial gold demand [1]

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 and other gold usage increased by 2.72% to 60.578 tons [1] - Spot gold prices surpassed $4,060 per ounce, with a daily increase of 1.78% [1] Consumption Trends - The performance of different gold product categories showed significant variance, with high-value jewelry maintaining strong market appeal despite overall consumption decline [1] - The demand for gold bars remains robust, driven by geopolitical tensions and economic uncertainties, highlighting gold's role as a safe-haven asset [1] - The rapid development of industries such as electronics and new energy has contributed to a steady recovery in industrial gold demand [1] Trading Activity - In the first three quarters of this year, trading in gold derivatives was notably active, with total trading volume at the Shanghai Gold Exchange reaching 23,800 tons, a year-on-year increase of 2.45% [1] - The total trading value at the exchange was 17.68 trillion yuan, up 41.55% year-on-year [1] - The Shanghai Futures Exchange reported a trading volume of 10.36 tons for all gold futures and options, marking a 59.98% increase year-on-year, with a trading value of 61.08 trillion yuan, up 112.60% [1] Production Data - Domestic raw gold production in the first three quarters of 2025 was 271.782 tons, a year-on-year increase of 1.39% [2] - Imported raw gold production reached 121.149 tons, up 8.94% year-on-year, leading to a total gold production of 392.931 tons, a 3.60% increase [2] Price Movements - Spot gold prices peaked at $4,381.29 per ounce on October 20, 2025, before experiencing a decline [2] - On October 27, spot gold prices fell below the $4,000 per ounce mark for the first time in the month [2] Market Outlook - Analysts have differing views on gold price trends, with some suggesting that recent declines may signal the start of a downward trend [2] - Despite acknowledging short-term risks of price corrections, several institutions maintain a long-term bullish outlook on gold, with Standard Chartered raising its 2026 average price forecast by 16% to $4,488 [2]

Group 1: Gold Investment Trends - Domestic gold ETF holdings increased significantly, with a net increase of 79.015 tons in the first three quarters of 2025, a 164.03% year-on-year growth compared to 2024 [1] - The total gold consumption in China decreased by 7.95% year-on-year to 682.730 tons in the first three quarters of 2025, with gold jewelry consumption dropping by 32.50% [2] - The demand for gold bars and coins increased by 24.55%, indicating a strong investment interest amid rising gold prices [2] Group 2: Retail Sector Challenges - Chow Tai Fook closed 905 stores in 2025, averaging 2.5 closures per day, marking a significant reduction from previous years of expansion [3] - Chow Sang Sang reported a net decrease of 560 stores, primarily in franchise locations, reflecting a challenging retail environment due to high gold prices [3] - The retail sector is experiencing a dichotomy, with strong demand for high-value jewelry products but overall retail consumption being suppressed by high gold prices [3][4] Group 3: Central Bank Gold Reserves - As of October 2025, global central banks increased their gold reserves, with gold's share in reserves rising from 24% to 30% since June 2025 [6] - The World Gold Council reported a record high global gold demand of 1313 tons in Q3 2025, driven by strong investment demand and central bank purchases [6] - 95% of surveyed central banks expect to continue increasing their gold holdings in the next 12 months, indicating a structural shift towards gold accumulation [7] Group 4: Future Price Predictions - Predictions for gold prices by the end of 2025 range from $4200 to $4600 per ounce, with significant variations in forecasts for 2026 [7] - Despite short-term volatility, gold is expected to maintain its status as a safe-haven asset and a means of value preservation in the medium to long term [7]

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] - Gold jewelry consumption was 270.036 tons, down 32.50% year-on-year, while demand for gold bars and coins increased by 24.55% to 352.116 tons [1] - Industrial and other gold usage rose by 2.72% to 60.578 tons, indicating a steady recovery in demand due to the rapid development of electronic and new energy industries [1] Category Summaries - **Gold Jewelry**: The consumption of gold jewelry saw a significant decline of 32.50%, reflecting a shift in consumer preferences and market dynamics [1] - **Gold Bars and Coins**: There was a robust demand for gold bars and coins, with a year-on-year increase of 24.55%, driven by geopolitical tensions and economic uncertainties highlighting gold's role as a safe-haven asset [1] - **Industrial Gold**: The industrial gold segment experienced a modest growth of 2.72%, supported by advancements in electronic and new energy sectors [1] - **Gold ETFs**: Domestic gold ETFs saw an increase in holdings by 79.015 tons, a remarkable growth of 164.03% compared to the same period in 2024, with total holdings reaching 193.749 tons by the end of September [1]

中国黄金协会分析称，地缘冲突加剧等因素使得黄金避险保值的功能进一步凸显，推动金条需求旺盛。 电子、新能源等产业的快速发展使得工业用金需求稳步回升。 记者11月10日从中国黄金协会了解到，今年前三季度我国黄金产量271.782吨，同比增长1.39%；黄金消 费量682.73吨，同比下降7.95%。 从生产端看，国内原料产金271.782吨，同比增长1.39%；进口原料产金121.149吨，同比增长8.94%。国 内原料和进口原料共计生产黄金392.931吨，同比增长3.6%。 中国黄金协会有关负责人表示，前三季度，一批黄金行业重点勘查、开发项目稳步推进。辽宁省大东沟 金矿初步评审金资源量近1500吨，有望成为继山东胶东金矿之后我国又一个世界级金矿。三山岛金矿副 井井筒工程顺利落底，最终深度锁定2005米。 从消费端看，今年前三季度，我国黄金消费量682.73吨，同比下降7.95%。其中，黄金首饰270.036吨， 同比下降32.5%；金条及金币352.116吨，同比增长24.55%；工业及其他用金60.578吨，同比增长 2.72%。 今年前三季度，我国黄金市场交易保持活跃，上海黄金交易所全部黄金品种双边累计成 ...

Core Insights - China's gold consumption in the first three quarters of 2025 reached 682.730 tons, representing a year-on-year decline of 7.95% [1] - The demand for gold jewelry decreased by 32.50% to 270.036 tons, while gold bars and coins saw an increase of 24.55% to 352.116 tons, and industrial and other gold usage rose by 2.72% to 60.578 tons [1] Summary by Category Gold Jewelry - Gold jewelry consumption fell significantly by 32.50%, totaling 270.036 tons, indicating a weaker market for this category [1] Gold Bars and Coins - The demand for gold bars and coins increased by 24.55%, reaching 352.116 tons, driven by heightened geopolitical tensions and economic uncertainty, which enhanced gold's role as a safe-haven asset [1] Industrial and Other Gold Uses - Industrial gold demand grew by 2.72% to 60.578 tons, supported by the rapid development of electronic and new energy industries [1] Gold ETFs - Domestic gold ETFs saw an increase in holdings by 79.015 tons, a substantial rise of 164.03% compared to the same period in 2024, with total holdings reaching 193.749 tons by the end of September [1]

Group 1: Gold ETF and Production - Domestic gold ETF increased by 79.015 tons in the first three quarters of 2025, a year-on-year growth of 164.03% compared to 29.927 tons in the same period of 2024, with total holdings reaching 193.749 tons by the end of September [1] - Domestic raw gold production reached 271.782 tons, an increase of 3.714 tons or 1.39% year-on-year, while imported raw gold production was 121.149 tons, up 8.94%, leading to a total gold production of 392.931 tons, a 3.6% increase [1] - Significant progress in key exploration and development projects is being made, with the Dadonggou gold mine in Liaoning province estimated to have nearly 1500 tons of gold resources, potentially becoming a world-class gold mine [1] Group 2: Gold Consumption Trends - Gold consumption in China totaled 682.730 tons in the first three quarters of 2025, a decrease of 7.95% year-on-year, with gold jewelry consumption dropping by 32.50% to 270.036 tons, while gold bars and coins increased by 24.55% to 352.116 tons [2] - The demand for gold bars remains strong, driven by geopolitical tensions and economic uncertainties, highlighting gold's role as a safe-haven asset [2] - Industrial gold demand is steadily recovering due to the rapid development of electronic and new energy industries, with industrial and other gold usage increasing by 2.72% to 60.578 tons [2] Group 3: International Expansion - Major gold companies in China are rapidly advancing their "going out" strategy, with overseas mining operations producing 61.439 tons of gold, reflecting an 18.39% year-on-year increase [1]

业内认为，日前金价的持续上涨，由美元走弱、政府关门风险、地缘政治紧张局势等因素共同驱动。 其中，美国私营部门就业数据的疲软为黄金提供了支撑。Challenger报告显示，10月企业裁员超过15万 人，为20余年来同期最高水平。美国劳动力市场增速的放缓，使得市场提升了对美联储年内再降息的预 期。目前，投资者预期美联储12月降息25个基点的概率接近66%。 中金公司认为，展望明年，黄金有望延续涨势。一方面，逆全球化大势和战略安全诉求或继续为新兴国 家央行增持黄金储备提供中长期支撑。另一方面，美国经济增长压力或在明年上半年继续显现，美联储 已在今年9月重启降息，并可能在年末结束缩表，流动性宽松周期或将继续。 【导读】国际金价创11月以来新高 11月10日，金价再次直线上涨！ 截至发稿，黄金现货和期货报价均创下11月以来新高。其中，伦敦金现报4047.01美元/盎司，上涨 1.16%；COMEX黄金报4055.5美元/盎司，上涨1.14%。 A股市场上，黄金股集体大涨。截至发稿，黄金珠宝指数涨幅达1.85%。其中，萃华珠宝涨幅接近8%， 湖南黄金涨超5%，潮宏基、曼卡龙等涨超3%。 其中，黄金首饰消费量为270.03 ...

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]

Core Insights - Domestic gold production increased to 271.782 tons in the first three quarters of 2025, a year-on-year growth of 1.39% [2] - Total gold consumption in China decreased to 682.730 tons, down 7.95% year-on-year, with significant declines in jewelry consumption [2] - The demand for gold bars and coins rose by 24.55%, reflecting a strong market for investment-grade gold [2] Production and Consumption - Domestic raw gold production reached 271.782 tons, with an additional 121.149 tons imported, leading to a total production of 392.931 tons, up 3.60% year-on-year [2] - Gold consumption saw a decline, particularly in jewelry, which fell by 32.50% to 270.036 tons, while industrial and other uses increased by 2.72% [2] Market Activity - The Shanghai Gold Exchange reported a trading volume of 23,800 tons, a 2.45% increase year-on-year, with a significant rise in trading value by 41.55% [3] - Gold ETF holdings in China increased by 164.03% year-on-year, indicating a strong interest in gold as an investment vehicle [3] Price Trends - As of September 2025, the London spot gold price was $3,825.30 per ounce, up 44.65% since the beginning of the year, while the Shanghai price was 871.86 yuan per gram, up 42.00% [4] - Central banks globally, including China, have been increasing their gold reserves, with China adding 23.95 tons in the first three quarters of 2025 [4]