China's total gold consumption inched up 0.28 percent year-on-year to 684.623 metric tons in the first nine months, according to the China Gold Association, revealing a stark divergence between investment and jewelry demand.
Gold bars and coins, the main driver of growth, soared 26.26 percent to 444.576 tons. By contrast, gold jewelry consumption tumbled 33.86 percent to 178.612 tons. Industrial gold consumption posted a mild 1.41 percent rise to 61.434 tons.
The association noted ongoing structural changes across the gold market. For investment gold products, direct sales channels are taking over from traditional dealership networks. Meanwhile, jewelry makers are pivoting toward higher-value, designer pieces to lift margins amid softer mainstream demand. Analysts link the strong appetite for gold bullion to risk-averse sentiment and demand for wealth preservation.
