BEIJING: China’s gold consumption in 2024 slumped 9.58% on the year to 985.31 metric tons, data from the China Gold Association showed, as high gold prices curtailed jewellery demand.
Gold jewellery buying, which accounts for half of the total, plunged 24.7% to 532.02 tons, according to the data.
The sharp decline in retail purchasing came as the most-active gold contract on the Shanghai Futures Exchange climbed by 28% last year.
Meanwhile, purchases of gold bars and coins, which typically reflect safe-haven demand, jumped 24.5% over the year to 373.13 tons, the association said.
High prices significantly curtailed the domestic buying interest in gold jewellery, while industries such as electronics, which require gold and tin for chip production, saw relatively weak demand, said a metals derivative trader, who declined to be named due to company policy.
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China’s central bank also added gold to its reserves in December for a second straight month, after resuming its buys in November after a six-month hiatus, official data showed earlier this month.
Output
Also in 2024, China’s gold output from domestically produced raw materials climbed by 0.56% to 377.24 tons, association data showed.
Output of gold from imported raw materials increased 8.83% for the year to 156.86 tons, bringing China’s total gold output last year to 534.11 tons, an annual increase of 2.85%.
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