Gold production in China recorded a slight increase in 2025, while overall consumption of the yellow metal declined, amid a clear shift in demand from jewelry to investment products.
Data released by the China Gold Association and reported by Xinhua showed that China’s total gold output reached 381.339 tons last year, marking a year-on-year increase of 1.09%. Production of gold from imported raw materials also rose by 8.81% to 170.681 tons. The association noted that several exploration, development, and technology projects achieved tangible milestone progress during 2025.
On the consumption side, China’s total gold consumption fell to 950.096 tons, down 3.57% compared with the previous year, driven by a sharp decline in jewelry demand, while purchases of gold bars and coins rose strongly. The year 2025 marked a historic milestone, as investment demand for gold exceeded annual jewelry consumption in the Chinese market for the first time.
In terms of trading activity, local markets saw a notable surge, with gold trading volumes jumping sharply on both the Shanghai Gold Exchange and the Shanghai Futures Exchange, reflecting increased participation amid rising prices.
Higher price levels also fueled strong inflows into gold-backed exchange-traded funds, which added around 133.118 tons in 2025—an increase of 149.91% compared with 2024—bringing total ETF gold holdings to 247.852 tons by the end of last December.
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