Recently, the China Gold Association reported that in 2024, the holdings of gold ETFs (exchange-traded open-end index funds) in China showed a rapid growth trend. As of the end of 2024, domestic gold ETF holdings reached 114.73 tons, an increase of 53.27 tons from the end of 2023, representing an 86.66% year-on-year growth. In 2024, the People's Bank of China cumulatively increased its gold holdings by 44.17 tons throughout the year. As of the end of 2024, China’s gold reserves stood at 2,279.57 tons, ranking sixth globally and reaching a new all-time high.

It is reported that in 2024, China’s gold industry has stepped up geological exploration efforts, remained committed to technological innovation, strictly adhered to safety and environmental protection standards, and accelerated the development of green mines. Gold and jewelry enterprises have responded flexibly to market changes, deepened their focus on product R&D, and enhanced their market competitiveness. The gold market has proactively embraced internationalization, further refined its market functions, and seen a continuous increase in gold trading volumes. Overall, the industry as a whole is demonstrating a stable and positive development trend.

According to the latest statistics from the China Gold Association, in 2024, domestic gold production from primary sources reached 377.242 tons, an increase of 2.087 tons over 2023, representing a year-on-year growth of 0.56%. Of this total, gold mined from gold deposits amounted to 298.408 tons, while gold produced as a byproduct from non-ferrous metal mining reached 78.834 tons. Additionally, in 2024, gold production from imported raw materials totaled 156.864 tons, up 8.83% year-on-year. Including gold produced from imported raw materials, the country’s total gold output reached 534.106 tons, representing a year-on-year increase of 2.85%. Furthermore, large Chinese gold groups achieved a mineral gold production of 71.937 tons from overseas mines, up 19.14% year-on-year.

In 2024, China’s gold consumption totaled 985.31 tons, a decrease of 9.58% year-on-year. Among this total, gold jewelry accounted for 532.02 tons, down 24.69% year-on-year; gold bars and gold coins reached 373.13 tons, up 24.54% year-on-year; and gold used in industrial and other applications amounted to 80.16 tons, down 4.12% year-on-year. In 2024, amid a general decline in the turnover rate of gold and jewelry inventories, gold and jewelry companies promptly adjusted their production and business strategies, driving product innovation. Jewelry featuring traditional craftsmanship and “national trend” styles gained popularity. Given gold’s inherent safe-haven and value-preservation attributes, sales of gold bars saw a significant increase.

In 2024, amid fluctuations in gold prices, China’s gold market has shown strong growth momentum, with significant increases in both trading volume and turnover. At the Shanghai Gold Exchange, the cumulative bilateral trading volume of all gold products reached 62,300 tons (31,100 tons on a single-sided basis), representing a year-on-year increase of 49.90%. The cumulative bilateral turnover amounted to 34.65 trillion yuan (17.33 trillion yuan on a single-sided basis), up 86.65% from the previous year. At the Shanghai Futures Exchange, the cumulative bilateral trading volume of all gold products reached 182,200 tons (91,100 tons on a single-sided basis), an increase of 46.71% over the previous year. The cumulative bilateral turnover totaled 83.96 trillion yuan (41.98 trillion yuan on a single-sided basis), up 75.81% from the previous year. Meanwhile, the Shanghai Gold Exchange and the Shanghai Futures Exchange have actively taken measures to manage risks, refined their trading systems, and strengthened market supervision and monitoring, thereby ensuring the stable and healthy operation of China’s gold market.