China's gold output and consumption increased in 2023
China produced 375.16 tonnes of gold in 2023, up 0.84 percent from a year earlier, while gold consumption stood at 1,089.69 tonnes, up 8.78 percent year on year, Xinhua reports
According to data released by the China Gold Association, consumption of gold jewellery in the Chinese market last year expanded 7.97 percent compared with the same period in 2022 to 706.48 tonnes, while that of gold bars and coins surged 15.7 percent to 299.6 tonnes. In turn, consumption of gold for industrial and other use fell 5.5 percent from the previous year to 83.61 tonnes.
It is also reported that gold-backed exchange-traded funds (ETFs) in the Chinese market saw a stable growth in 2023. The holdings of gold ETFs totalled about 61.47 tonnes by the end of 2023, up 10.04 tonnes or 19.53 percent year on year.
