Gold consumption loses some of its shine in H1

In the first half of the year, the national gold consumption in China was 523.75 metric tons, down 5.61 percent year-on-year, according to data released by the China Gold Association on Sunday.

Gold jewelry consumption fell 26.68 percent year-on-year to 270.02 tons, while purchases of gold bars and coins increased by 46.02 percent to 213.64 tons in the January-June period. Industrial and other uses of gold reached 40.10 tons, down 0.53 percent, it said.

Large gold enterprises in the country remain the backbone of China's gold industry. In the first half of 2024, gold output from domestic mines amounted to 67.85 tons, accounting for 47.95 percent of the national total.

Companies such as Zijin Mining and Shandong Gold Group have stepped up efforts expanding their footprint abroad. Overseas mines in China's gold industry achieved a production of 34.40 tons of mined gold during the first six months this year, a 19 percent year-on-year increase, it said.