According to the latest statistics from the China Gold Association: In the first three quarters of 2025, domestic gold production from primary sources reached 271.782 tons, an increase of 3.714 tons compared to the same period in 2024, representing a year-on-year growth of 1.39%. Additionally, gold production from imported raw materials totaled 121.149 tons, up 8.94% over the same period last year. Combined, domestic and imported raw materials contributed to a total gold production of 392.931 tons, marking a year-on-year increase of 3.60%.

　　In the first three quarters of 2025, the gold industry has been closely focused on achieving high-quality development goals. A number of strategically significant exploration and development projects have been steadily advancing, injecting strong momentum into the industry’s sustainable growth. The Ddonggou gold mine in Liaoning Province has preliminarily estimated gold resources at nearly 1,500 tons, and it is poised to become another world-class gold deposit in China, following the Jiaodong gold mine in Shandong. China has achieved a milestone breakthrough in the technology for constructing ultra-deep mines; the shaft construction of the auxiliary shaft at the Sanshandao gold mine has successfully reached its final depth of 2,005 meters, marking a safe and smooth completion of the project.

　　The “going global” strategy of key gold enterprises is being rapidly advanced with remarkable results. In the first three quarters of 2025, large Chinese gold groups produced 61.439 tons of mined gold from overseas mines, representing a year-on-year increase of 18.39%.

　　In the first three quarters of 2025, China’s gold consumption totaled 682.730 tons, a year-on-year decrease of 7.95%. Specifically: gold jewelry amounted to 270.036 tons, down 32.50% year-on-year; gold bars and coins reached 352.116 tons, up 24.55% year-on-year; and gold used in industrial and other applications totaled 60.578 tons, up 2.72% year-on-year.

　　The performance of gold products across different categories shows significant differences. Jewelry products—characterized by lighter weights and higher added value—continue to maintain strong market appeal and enjoy robust sales. 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. Meanwhile, the rapid development of industries such as electronics and new energy is driving a steady recovery in industrial gold demand.

　　In the first three quarters of 2025, the Shanghai Gold Exchange recorded a cumulative trading volume of 23,800 tons (47,600 tons on a bilateral basis) for all gold products, an increase of 2.45% year-on-year. The cumulative trading value reached 17.68 trillion yuan (35.35 trillion yuan on a bilateral basis), up 41.55% year-on-year. At the Shanghai Futures Exchange, the cumulative trading volume of all gold futures and options totaled 103,600 tons (207,200 tons on a bilateral basis), representing a year-on-year increase of 59.98%. The cumulative trading value amounted to 61.08 trillion yuan (122.15 trillion yuan on a bilateral basis), up 112.60% year-on-year.

　　In the first three quarters of 2025, domestic gold ETFs increased their holdings by 79.015 tons, compared to an increase of 29.927 tons in the first three quarters of 2024—a year-on-year growth of 164.03%. As of the end of September, the total holdings of domestic gold ETFs stood at 193.749 tons.

　　At the end of September, the spot gold price in London was set at $3,825.30 per ounce, up 44.65% from the beginning of the year. At the Shanghai Gold Exchange, the closing price of Au9999 gold was 871.86 yuan per gram, an increase of 42.00% compared to the beginning of the year.

　　Global central banks continue to increase their gold holdings. From November 2024 to September 2025, China has been increasing its gold reserves for 11 consecutive months. In the first three quarters of 2025, China added 23.95 tons of gold to its reserves. As of the end of September, China’s gold reserves stood at 2,303.52 tons.