China’s gold consumption declined by 5.96% year-on-year to 290.492 metric tons in the first quarter of 2025, the China Gold Association reported on Monday.
High gold prices are shifting consumer preferences, with traditional jewellery purchases dropping sharply, while investments in gold bars and coins rise. Gold jewellery consumption fell by 26.85% to 134.531 tons, while purchases of gold bars and coins surged 29.81% to 138.018 tons, as investors turned to safe-haven assets amid ongoing geopolitical and economic instability.
Meanwhile, China’s domestic gold production rose slightly by 1.49% year-on-year to 87.243 tons in Q1 2025. Factoring in gold processed from imported materials (53.587 tons), total gold output reached 140.830 tons, marking a 1.18% annual increase.