China's gold consumption rises 7.32% in first three quarters of 2023

China's gold consumption rose 7.32 percent year-on-year to 835.07 metric tons during the first three quarters of the year, while output climbed to 271.25 tons, according to the China Gold Association.

The consumption of gold jewelry in the world's largest consumer market of the precious metal increased 5.72 percent to 552.04 tons in the first nine months of this year, the association said on Wednesday, while the consumption of gold bars and coins rose 15.98 percent year-on-year to 222.37 tons and industrial and other gold uses amounted to 60.66 tons, a year-on-year decrease of 5.53 percent.

Throughout the first three quarters, China's national economy continued to recover and market demand continued to expand, leading to a rapid recovery trend of the national gold consumption, it said.

Data from the National Bureau of Statistics indicated that the growth rate of retail sales of gold and silver jewelry continued to outpace other product categories. In the third quarter, the price of gold remained at high levels, and the consumption of gold bars and coins continued to grow at a relatively fast pace, it said.

According to the latest statistics from the China Gold Association, in the first three quarters of 2023, domestic raw gold production was 271.25 tons, an increase of 1.26 tons compared to the same period in 2022, representing a year-on-year growth of 0.47 percent.

Large gold enterprises in China contributed 107.06 tons of gold production, making up 49.83 percent of the national total, it said.