China ups gold production to 377.24 tons

China's domestic gold production in 2024 exceeded 377.24 metric tons, up by 2.087 tons from 2023, reflecting a year-on-year increase of 0.56 percent, according to the latest data from the China Gold Association.

However, gold consumption in the country dropped to 985.31 tons, down 9.58 percent compared to the previous year. Within this total, gold jewelry consumption fell by 24.69 percent to 532.02 tons, while demand for gold bars and coins rose by 24.54 percent to 373.13 tons. Industrial and other uses of gold saw a slight decline of 4.12 percent, totaling 80.16 tons, the association said.

In 2024, despite a sluggish gold jewelry market, Chinese gold and jewelry companies adapted by adjusting their production strategies and promoting product innovation, with trends such as traditional and "Chinese style" gold jewelry gaining traction, the association said.

Amid fluctuations in gold prices, the domestic gold market exhibited strong growth, with significant increases in both transaction volume and value, it added.

Additionally, the People's Bank of China, the country's central bank, added 44.17 tons to its gold reserves throughout the year, bringing the total to 2,279.57 tons by year-end, solidifying its position as the world's sixth-largest holder of gold reserves and marking a new historic high.