In the first three quarters of 2025, domestic gold ETFs in China saw an increase in holdings of 79.015 tons, a significant rise of 164.03% compared to the 29.927 tons added in the same period of 2024. By the end of September, total holdings in domestic gold ETFs reached 193.749 tons.
During the same period, China’s gold consumption stood at 682.730 tons, down 7.95% year-on-year. Breakdown by category: gold jewelry consumption fell 32.50% to 270.036 tons, while gold bars and coins surged 24.55% to 352.116 tons. Industrial and other gold usage increased 2.72% to 60.578 tons.
Domestic gold production reached 271.782 tons in the first three quarters, up 1.39% year-on-year, with an additional 121.149 tons produced from imported raw materials, marking an 8.94% increase. Combined production from domestic and imported materials totaled 392.931 tons, up 3.60%.
The gold industry focused on high-quality development, advancing key exploration and mining projects. Notably, the Dadonggou Gold Mine in Liaoning Province preliminarily assessed reserves of nearly 1,500 tons, potentially becoming another world-class deposit after Shandong’s Jiaodong Gold Mine. Deep-mining technology also achieved breakthroughs, with the Sanshandao Gold Mine’s auxiliary shaft reaching a record depth of 2,005 meters.
Chinese gold majors accelerated overseas expansion, with overseas mine output rising 18.39% to 61.439 tons.
Market dynamics varied across gold products: lightweight, high-value-added jewelry maintained strong appeal, while gold bar demand remained robust amid geopolitical tensions and economic uncertainty. Industrial demand rebounded steadily, driven by growth in electronics and new energy sectors.
Trading volumes on the Shanghai Gold Exchange rose 2.45% to 23,800 tons (single-side), with turnover up 41.55% to CNY 17.68 trillion. Shanghai Futures Exchange’s gold futures and options trading surged 59.98% to 103,600 tons (single-side), with turnover jumping 112.60% to CNY 61.08 trillion.
Globally, central banks continued accumulating gold. China increased reserves by 23.95 tons in the first three quarters, bringing total reserves to 2,303.52 tons by end-September.
Spot gold in London closed at $3,825.30/oz at end-September, up 44.65% year-to-date, while Shanghai’s Au9999 gold rose 42.00% to CNY 871.86/gram.
Comments