China’s mined gold output for the first three quarters of 2024 has seen a decline of 1.17% from the previous year, totaling 268.07 metric tons, according to the China Gold Association. Meanwhile, gold consumption has dropped 11.18% year-on-year, amounting to 741.73 tons.
Despite high gold prices, Chinese gold producers have faced challenges that prevented an increase in output. The association noted that:
Depleting Resources: Older and more accessible mines are running low on resources.
New Mines: Large-scale new mines are yet to contribute significantly to production capacity.
However, the association remains optimistic about the industry’s long-term prospects, projecting growth as new mining capacities are expected to come online in the future.
In a positive development, major Chinese gold enterprises achieved 51.90 tons of mined gold from overseas operations, reflecting a 20.5% year-on-year increase.
Additionally, driven by expectations of rising gold prices, holdings in China’s gold ETFs reached 91.39 tons in the first three quarters of 2024, representing an increase of 29.93 tons or 48.7% compared to the end of 2023. This surge indicates a growing interest in gold investment amidst fluctuating market conditions.
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