2025年前三季度，我国黄金消费量682.730吨，同比下降7.95%。其中：黄金首饰270.036吨，同比下降 32.50%；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%。 中国黄金（600916）协会最新统计数据显示，2025年前三季度，国内原料产金271.782吨，比2024年同 期增加3.714吨，同比增长1.39%。另有进口原料产金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3.60%。 不同品类黄金产品的表现差异明显。轻克重、附加值高的首饰产品仍保持较强市场吸引力，销售情况较 好。金条需求仍然旺盛，地缘冲突加剧与经济不确定性使得黄金避险保值的功能进一步凸显。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。 2025年前三季度，上海黄金交易所全部黄金品种累计成交量单边2.38万吨(双边4.76万吨)，同比上升 2.45%；累计成交额单边17.68万亿元(双边35.35万亿元)，同比上升41.55%。上海期货交易所全部黄金期 货期权累计成交量单边10.36万吨(双边20.72万吨)，同比上 ...

Industry Overview - The performance of different categories of gold products shows significant differences, with lightweight and high-value jewelry products maintaining strong market appeal and good sales [1][2] - Demand for gold bars remains robust, while the rapid development of electronic and new energy industries is steadily increasing the demand for industrial gold [1][2] Production and Consumption Data - In the first three quarters of 2025, China's gold production reached 271.782 tons, an increase of 3.714 tons or 1.39% year-on-year, with imported gold production at 121.149 tons, up 8.94% [1] - Total gold consumption in China for the same period was 682.730 tons, a decrease of 7.95% year-on-year, with jewelry consumption down 32.50% to 270.036 tons, while gold bars and coins increased by 24.55% to 352.116 tons [1][2] Market Activity - The Shanghai Gold Exchange reported a total trading volume of 23,800 tons in the first three quarters of 2025, a year-on-year increase of 2.45%, with a trading value of 17.68 trillion yuan, up 41.55% [2] - The domestic gold ETF saw an increase in holdings of 79.015 tons, a 164.03% year-on-year growth, bringing total holdings to 193.749 tons by the end of September [2] Strategic Developments - The gold industry is focusing on high-quality development, with significant exploration and development projects underway, including the Dadonggou gold mine in Liaoning, which has a preliminary resource estimate of nearly 1,500 tons [3] - Major gold companies are advancing their "going out" strategy, with domestic large gold groups achieving a gold production of 61.439 tons from overseas mines, an increase of 18.39% year-on-year [3]

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]

前三季度，国内黄金ETF增仓量为79.015吨，较2024年前三季度增仓量29.927吨，同比增长164.03%。至 9月底，国内黄金ETF持仓量为193.749吨。中经记者 郝亚娟 夏欣 上海、北京报道 【中国黄金协会：前三季度我国黄金首饰消费量270.036吨，同比下降32.50%】据中国黄金协会最新统 计数据显示，2025年前三季度，我国黄金消费量682.730吨，同比下降7.95%。其中，黄金首饰270.036 吨，同比下降32.50%；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%。 不同品类黄金产品的表现差异明显。轻克重、附加值高的首饰产品仍保持较强市场吸引力，销售情况较 好。金条需求仍然旺盛，地缘冲突加剧与经济不确定性使得黄金避险保值的功能进一步凸显。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。 ...

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]

中新社北京11月10日电 (记者 刘育英)中国黄金协会10日发布的统计数据显示，2025年前三季度，中国 黄金消费量682.730吨，同比下降7.95%。 其中：消费黄金首饰270.036吨，同比下降32.50%；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%。 不同品类黄金产品的表现差异明显。轻克重、附加值高的首饰产品仍保持较强市场吸引力，销售情况较 好。金条需求仍然旺盛，地缘冲突加剧与经济不确定性使得黄金避险保值的功能进一步凸显。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。 数据还显示，前三季度，中国国内原料产金271.782吨，比2024年同期增加3.714吨，同比增长1.39%。 另有进口原料产金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3.60%。 全球央行持续增持黄金。从2024年11月至2025年9月，中国已连续11个月增持黄金。2025年前三季度， 中国增持黄金23.95吨，截至9月底，中国黄金储备为2303.52吨。(完) 中国黄金协会表示，前三季度，黄金行业一批具备战略意 ...

据中国黄金协会最新统计数据显示：2025年前三季度， 国内原料产金271.782吨，比2024年同期增加3.714吨，同比增长1.39%。 另有进口原料产金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3.60%。 与此同时，2025年前三季度， 我国黄金消费量682.730吨，同比下降7.95% 。 其中：黄金首饰270.036吨，同比下降32.50%；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%。 不同品类黄金产品的表现差异明显。轻克重、附加值高的首饰产品仍保持较强市场吸引力，销售情况较好。金条需求仍然旺盛，地缘冲突加剧与经济不确 定性使得黄金避险保值的功能进一步凸显。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。 2025年前三季度，上海黄金交易所全部黄金品种累计成交量单边2.38万吨（双边4.76万吨），同比上升2.45%；累计成交额单边17.68万亿元（双边35.35万 亿元），同比上升41.55%。上海期货交易所全部黄金期货期权累计成交量单边10.36万吨（双边20.72万吨），同比上 ...

不同品类黄金产品的表现差异明显。轻克重、附加值高的首饰产品仍保持较强市场吸引力，销售情况较 好。金条需求仍然旺盛，地缘冲突加剧与经济不确定性使得黄金避险保值的功能进一步凸显。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。 具体数据显示，2025年前三季度，国内原料产金271.782吨，比2024年同期增加3.714吨，同比增长 1.39%。另有进口原料产金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3.60%。 在行业企业方面，2025年前三季度，黄金行业紧盯高质量发展目标，一批具备战略意义的重点勘查、开 发项目稳步推进，为行业可持续发展注入强劲动力。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。我国超深矿井建设技术实现里程碑式突破，三山岛 金矿副井井筒工程安全顺利落底，最终深度锁定2005米。 消费方面，2025年前三季度，我国黄金消费量682.730吨，同比下降7.95%。其中：黄金首饰270.036 吨，同比下降32.50%；金条及金币352.116吨，同比增长24.55%；工业及其他用金60 ...