China's gold consumption hits 291.58 metric tons in Q1

(ECNS) -- China's gold consumption in the first quarter of 2023 reached 291.58 metric tons, an increase of 12.03 percent over the same period last year, according to data released by China Gold Association.

Among the 291.58 metric tons, gold jewelry consumption was 189.61 metric tons, gold bars and coins consumption 83.87 metric tons, and industrial and other gold consumption 18.10 metric tons, a year-on-year increase of 12.29 percent, 20.47 percent and 16.90 percent respectively.

The association said gold consumption momentum was evident in the first quarter, especially in February and March.

Gold enterprises nationwide had basically resumed production, with capacity returning to the level before the COVID-19 pandemic, the association stated.

According to data, global central banks maintained a net purchase of gold in the first quarter.

The People's Bank of China increased its holdings of gold for five consecutive months from November 2022 to March 2023, with a total increase of 57.85 metric tons in the first quarter. 

By the end of March, China's gold reserves reached 2,068.38 metric tons.