Mined gold output, gold consumption down

An employee sorts gold ornaments at a jewelry shop in Lianyungang, Jiangsu province. (PHOTO by SI WEI/FOR CHINA DAILY)

China's mined gold output in the first three quarters of 2024 fell by 1.17 percent from 2023 to 268.07 metric tons, while gold consumption slid 11.18 percent year-on-year to 741.73 tons, the China Gold Association said on Monday.

In the first three quarters of 2024, Chinese gold producers leveraged high gold prices, while optimizing production capacity and enhancing resource efficiency. However, gold output did not increase as anticipated as resources in older and easily accessible mines are depleting, while new large-scale mines are yet to yield additional capacity, it said.

However, the association said the industry's long-term prospects remain positive, with anticipated growth as new mining capacities come online in the future.

In the first three quarters of 2024, major Chinese gold enterprises achieved 51.90 tons of mined gold from overseas operations, marking a 20.5 percent increase year-on-year.

Driven by expectations of rising gold prices, holdings in China's gold ETFs reached 91.39 tons in the first three quarters of 2024, an increase of 29.93 tons, or 48.7 percent, from the end of 2023, it said.