China's gold output and consumption both saw stable growth in the first half of 2023. The country produced nearly 178.6 tonnes of gold during the period, an increase of 2.2 per cent y-o-y, as per the data on 25 July from the China Gold Association (CGA).
According to the Association, gold consumption in China reached 554.88 tonnes, surging 16.4 per cent y-o-y in the January-June period. The consumption of gold jewellery in China stood at 368.26 tonnes, up 14.8 per cent from a year earlier, while that of gold coins and bars soared by 30.1 per cent y-o-y to 146.31 tonnes in the first six months.
However, during the same period, gold consumption for industrial and other uses shrank by 7.65 per cent from a year earlier to 40.31 tonnes.
CGA's data also showed that in the first half of 2023, investors had reduced their holdings of gold-backed exchange-traded funds (ETFs) by 1.26 tonnes from the end of 2022. By the end of June 2023, total holdings of gold ETFs in the Chinese market were about 50.16 tonnes.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
