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Authoritative release! In the first three quarters of this year, China's gold production reached 271.782 tons, while gold consumption totaled 682.73 tons—reported by Black King Kong.
November 10
Latest statistics from the China Gold Association
The first three quarters of 2025
China's gold production 271.782 tons
Increased by 1.39% year-on-year
Gold Consumption 682.73 Ton
Down 7.95% year-on-year
Gold production
According to the latest statistics from the China Gold Association: In the first three quarters of 2025, domestic gold production from raw materials reached 271.782 tonnes, an increase of 3.714 tonnes compared to the same period in 2024, representing a year-on-year growth of 1.39%. Additionally, imported raw materials yielded 121.149 tons of gold, representing an 8.94% year-on-year increase. Meanwhile, domestic and imported raw materials combined produced a total of 392.931 tons of gold, marking a 3.6% rise compared to the previous year.
In the first three quarters of 2025, the gold industry remained firmly focused on achieving high-quality development goals. A series of strategically significant key exploration and development projects have been steadily advancing, injecting strong momentum into the industry’s sustainable growth. The Daidonggou gold mine in Liaoning Province has undergone a preliminary assessment revealing nearly 1,500 tons of gold resources, positioning it as a potential world-class gold deposit—on par with China’s Jiaodong gold mine in Shandong Province. Meanwhile, China has achieved a landmark breakthrough in its technology for constructing ultra-deep mines: the auxiliary shaft project at the Sanshandao gold mine has successfully reached its final depth of 2,005 meters, marking another major milestone in the nation’s mining engineering capabilities.
The "going global" strategy of key gold enterprises is rapidly advancing with remarkable results. In the first three quarters of 2025, China's major gold groups achieved an overseas mine production of 61.439 tons of mined gold, representing a year-on-year increase of 18.39%.
Gold Consumption
In the first three quarters of 2025, China's gold consumption totaled 682.73 tons, a year-on-year decrease of 7.95%. Specifically: gold jewelry accounted for 270.036 tons, down 32.50% from the same period last year; gold bars and coins reached 352.116 tons, representing a significant increase of 24.55% compared to the previous year; and industrial and other gold applications amounted to 60.578 tons, up 2.72% year-on-year.
Performance among different categories of gold products varies significantly. Light-weight, high-value-added jewelry products continue to maintain strong market appeal and enjoy robust sales. Meanwhile, demand for gold bars remains strong, as geopolitical tensions intensify and economic uncertainties further highlight gold's role as a safe-haven asset for preserving value. Additionally, the rapid growth of industries such as electronics and new energy is driving a steady recovery in industrial gold demand.
Gold Market
In the first three quarters of 2025, The Shanghai Gold Exchange recorded a cumulative trading volume of 23,800 tons for all gold products (47,600 tons on a bilateral basis). Year-on-year increase of 2.45%; cumulative trading volume reached 17.68 trillion yuan on one side (35.35 trillion yuan on both sides), representing a year-on-year rise of 41.55%. The Shanghai Futures Exchange reported a cumulative trading volume of 103,600 tons for gold futures options on one side (equivalent to 207,200 tons on both sides), Increased by 59.98% year-on-year; cumulative transaction volume reached 61.08 trillion yuan on one side (122.15 trillion yuan on both sides), representing a year-on-year increase of 112.6%.
In the first three quarters of 2025, domestic gold ETFs increased their holdings by 79.015 tonnes, compared to 29.927 tonnes in the same period of 2024—representing a year-on-year growth of 164.03%. By the end of September, domestic gold ETF holdings stood at 193.749 tons.
At the end of September, London's spot gold fixing price was $3,825.3 per ounce, up 44.65% from the beginning of the year. The Shanghai Gold Exchange's Au9999 gold closed at 871.86 yuan per gram, up 42% from the beginning of the year.
Gold Reserves
Global central banks continue to increase their gold holdings. From November 2024 to September 2025, China has boosted its gold reserves for the 11th consecutive month. In the first three quarters of 2025, China added 23.95 tons of gold, bringing its total gold reserves to 2,303.52 tons as of the end of September.
