China's gold output, consumption rise in 2023

BEIJING - China produced 375.16 tons of gold in 2023, up 0.84 percent from a year earlier, industry data showed Thursday.

In 2023, gold consumption in China stood at 1,089.69 tons, up 8.78 percent year-on-year, according to data released by the China Gold Association (CGA).

Specifically, consumption of gold jewelry in the Chinese market expanded 7.97 percent compared with the same period last year to 706.48 tons, while that of gold bars and coins surged 15.7 percent from 2022 to 299.6 tons.

Consumption of gold for industrial and other use fell 5.5 percent from the previous year to 83.61 tons, CGA data showed.

Gold-backed exchange-traded funds (ETFs) in the Chinese market saw a stable growth in 2023, according to the association. The holdings of gold ETFs totaled about 61.47 tons by the end of 2023, up 10.04 tons or 19.53 percent year-on-year.