In 2025, China's Gold Production and Investment Demand Both Rise, Marking a Landmark Shift in Consumption Structure

The China Gold Association released the latest statistical data, comprehensively disclosing China's gold production, consumption, trading, and reserves in 2025. The industry exhibited stable production growth, a restructuring of consumption patterns, and rising investment enthusiasm.

Total gold production steadily increased, with overseas capacity significantly growing

In 2025, China's total gold production reached 552.020 tons, an increase of 17.914 tons year-on-year, a growth rate of 3.35%:

·Domestic raw material gold production was 381.339 tons, up 1.09% year-on-year

·Imported raw material gold production was 170.681 tons, up 8.81% year-on-year

During the same period, overseas gold production by major domestic gold groups reached approximately 90 tons, a significant increase of 25% year-on-year; Zijin Mining completed the acquisition of two operating gold mine projects in Ghana and Kazakhstan during the year, continuing to expand its overseas gold footprint.

Consumption structure shows landmark shift: gold bar and coin consumption surpasses gold jewelry for the first time

Annual national gold consumption was 950.096 tons, a decrease of 3.57% year-on-year, with significant divergence across categories:

·Gold jewelry consumption was 363.836 tons, down 31.61% year-on-year

·Gold bar and coin consumption was 504.238 tons, up 35.14% year-on-year

·Industrial and other gold usage was 82.022 tons, up 2.32% year-on-year

Influenced by high gold prices and new tax policies, gold bar and coin consumption surpassed gold jewelry for the first time, marking a phased shift in consumption structure; public enthusiasm for gold investment significantly increased, while industrial gold usage maintained steady growth driven by developments in the electronics and new energy industries.

On-exchange trading volume surges, gold ETF holdings increase nearly 1.5 times

In 2025, both the volume and value of domestic gold on-exchange trading saw substantial increases:

·Shanghai Gold Exchange: single-sided trading volume was 31,400 tons, up 1.02% year-on-year; single-sided trading value was 24.93 trillion yuan, up 43.89% year-on-year

·Shanghai Futures Exchange: single-sided trading volume of gold futures and options was 142,200 tons, up 56.10% year-on-year; single-sided trading value was 88.97 trillion yuan, surging 111.93% year-on-year

Gold ETF investment enthusiasm reached a new high, with annual holdings increasing by 133.118 tons, a growth of 149.91% year-on-year; holdings rose to 247.852 tons by the end of December.

Central bank increases holdings for 14 consecutive months, gold reserves reach 2,306.32 tons

The trend of global central banks purchasing gold continued, with China's central bank maintaining a steady pace of gold accumulation:

·From November 2024 to December 2025, gold holdings were increased for 14 consecutive months

·A total of 26.75 tons were added in 2025, with year-end gold reserves reaching 2,306.32 tons.