The China Gold Association released the latest statistical data, providing a comprehensive overview of China's gold production, consumption, trading, and reserves in 2025. The industry exhibited steady production growth, a restructuring of consumption patterns, and rising investment enthusiasm.

Total Gold Production Steadily Increased, with Significant Growth in Overseas Capacity
In 2025, China's total gold production reached 552.020 tons, an increase of 17.914 tons year-on-year, representing a growth rate of 3.35%:

• Domestic raw material gold production was 381.339 tons, up 1.09% year-on-year.
• Imported raw material gold production was 170.681 tons, up 8.81% year-on-year.

During the same period, overseas gold production by major domestic gold groups reached approximately 90 tons, a substantial increase of 25% year-on-year. Zijin Mining completed the acquisition of two operational gold mining projects in Ghana and Kazakhstan during the year, further expanding its overseas gold operations.

Consumption Structure Undergoes a Landmark Shift: Gold Bar and Coin Consumption Exceeds Gold Jewelry for the First Time
Annual gold consumption nationwide was 950.096 tons, a decrease of 3.57% year-on-year, with significant variations across categories:

• Gold jewelry consumption was 363.836 tons, down 31.61% year-on-year.
• Gold bar and coin consumption was 504.238 tons, up 35.14% year-on-year.
• Industrial and other gold consumption was 82.022 tons, up 2.32% year-on-year.

Driven by high gold prices and new tax policies, gold bar and coin consumption surpassed gold jewelry consumption for the first time, marking a structural shift in consumption patterns. Households' willingness to invest in gold significantly increased, while industrial gold consumption maintained steady growth, benefiting from the development of the electronics and new energy industries.

Exchange Trading Volume Surges, Gold ETF Holdings Increase Nearly 1.5 Times
In 2025, the scale and trading volume of domestic gold exchange transactions rose significantly:

• Shanghai Gold Exchange: Single-sided trading volume reached 31,400 tons, up 1.02% year-on-year; single-sided trading value reached 24.93 trillion yuan, up 43.89% year-on-year.
• Shanghai Futures Exchange: Single-sided trading volume of gold futures and options reached 142,200 tons, up 56.10% year-on-year; single-sided trading value reached 88.97 trillion yuan, surging 111.93% year-on-year.

Gold ETF investment enthusiasm reached a new high, with annual holdings increasing by 133.118 tons, a growth rate of 149.91% year-on-year. By the end of December, total holdings rose to 247.852 tons.

Central Bank Continues Gold Purchases for 14 Consecutive Months, Gold Reserves Reach 2,306.32 Tons
The trend of global central banks purchasing gold continued, with China's central bank steadily increasing its gold reserves:

• From November 2024 to December 2025, gold reserves were increased for 14 consecutive months.
• In 2025, gold reserves grew by 26.75 tons, reaching 2,306.32 tons by the end of the year.