High gold prices are reshaping China’s gold market, with Q1 2025 showing a 5.96% decline in overall consumption to 290.492 metric tons.
Consumers are pivoting away from gold jewelry (down 26.85%) toward investment products like gold bars and coins (up 29.81%), seeking safe-haven assets amid economic uncertainty.
Despite consumption changes, China’s gold production increased modestly, with total output reaching 140.830 tons when including gold from imported materials.