Gold consumption will increase by 12.03% year-on-year in the first quarter of 2023
According to statistics released by the China Gold Association on April 25, in the first quarter, the national gold consumption was 291.58 tons, an increase of 12.03% compared with the same period last year. Among them, 189.61 tons of gold jewelry, a year-on-year increase of 12.29%; 83.87 tons of gold bars and gold coins, a year-on-year increase of 20.47%.
The China Gold Association stated that as the impact of the epidemic gradually subsided and a series of consumption-promoting policies took effect, the willingness to consume increased, and gold consumption recovered significantly in the first quarter, especially in February and March. The growth rate of gold consumption accelerated significantly. Data show that in March, gold, silver and jewelry became the fastest-growing category of social consumer goods retail sales. Benefiting from the increase in demand for hedging, the consumption of gold bars and coins also achieved substantial growth.
In the first quarter, the domestic production of raw gold was 84.972 tons, an increase of 1.571 tons compared with the same period in 2022, a year-on-year increase of 1.88%. Among them, 66.506 tons of gold from gold mines were completed, and 18.466 tons of non-ferrous by-product gold were completed. In addition, in the first quarter, the gold produced from imported raw materials was 29.901 tons, a year-on-year increase of 24.41%. If the gold produced from this part of imported raw materials is included, a total of 114.873 tons of gold was produced nationwide, a year-on-year increase of 6.92%.