China Gold Association: Domestic gold ETF holdings increased by 79.015 tons in the first three quarters of the year, a year-on-year growth of 164.03%.
On November 10, the China Gold Association announced that during the first three quarters of 2025, domestic gold ETFs increased their holdings by 79.015 tons, representing a year-on-year growth of 164.03% compared to the increase of 29.927 tons in the same period of 2024. By the end of September, domestic gold ETF holdings amounted to 193.749 tons. In the first three quarters of 2025, China's gold consumption reached 682.730 tons, a year-on-year decrease of 7.95%. Of this, gold jewelry consumption was 270.036 tons, down 32.50% year-on-year; gold bars and coins totaled 352.116 tons, up 24.55% year-on-year; industrial and other uses of gold accounted for 60.578 tons, an increase of 2.72% year-on-year.
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During the first three quarters of 2025, China's gold production reached 271.782 tons, up 1.39% year-on-year, while gold consumption totaled 682.730 tons, down 7.95% year-on-year.
According to the latest statistical data from the China Gold Association: during the first three quarters of 2025, domestic raw material gold production was 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, imported raw material gold production reached 121.149 tons, up 8.94% year-on-year. Domestic and imported raw materials combined produced a total of 392.931 tons of gold, reflecting a year-on-year increase of 3.60%.
During the first three quarters of 2025, the gold industry remained focused on high-quality development goals, with several strategically significant exploration and development projects advancing steadily, injecting strong momentum into the industry’s sustainable development. The preliminary evaluation of the gold resource volume at the Dadonggou Gold Mine in Liaoning Province is close to 1,500 tons, positioning it to become another world-class gold mine in China after the Jiaodong Gold Mine in Shandong. A milestone breakthrough was achieved in the construction of ultra-deep mines in China, as the auxiliary shaft of the Sanshandao Gold Mine safely reached its final depth of 2,005 meters.
Major gold enterprises have rapidly advanced their “going global” strategy with notable achievements. During the first three quarters of 2025, overseas mines operated by China's large-scale gold groups produced 61.439 tons of mined gold, up 18.39% year-on-year.
During the first three quarters of 2025, China's gold consumption totaled 682.730 tons, down 7.95% year-on-year. Of this: gold jewelry accounted for 270.036 tons, down 32.50% year-on-year; gold bars and coins amounted to 352.116 tons, up 24.55% year-on-year; industrial and other uses of gold totaled 60.578 tons, up 2.72% year-on-year.
Significant differences were observed in the performance of various categories of gold products. Lightweight, high value-added jewelry products continued to maintain strong market appeal and performed well in sales. Demand for gold bars remained robust, with geopolitical tensions and economic uncertainties further highlighting gold's role as a safe-haven asset. The rapid development of industries such as electronics and new energy led to a steady recovery in industrial demand for gold.
In the first three quarters of 2025, the cumulative trading volume of all gold varieties on the Shanghai Gold Exchange reached 23,800 tons (unilateral) or 47,600 tons (bilateral), representing a year-on-year increase of 2.45%. The cumulative trading value amounted to RMB 17.68 trillion (unilateral) or RMB 35.35 trillion (bilateral), reflecting a year-on-year rise of 41.55%. Meanwhile, the cumulative trading volume of all gold futures and options on the Shanghai Futures Exchange reached 103,600 tons (unilateral) or 207,200 tons (bilateral), marking a year-on-year increase of 59.98%. The cumulative trading value was RMB 61.08 trillion (unilateral) or RMB 122.15 trillion (bilateral), showing a year-on-year surge of 112.60%.
In the first three quarters of 2025, the net inflow of domestic gold ETFs reached 79.015 tons, up 164.03% compared to 29.927 tons in the same period of 2024. By the end of September, the total holdings of domestic gold ETFs amounted to 193.749 tons.
By the end of September, the London spot gold fixing price stood at USD 3,825.30 per ounce, an increase of 44.65% from the beginning of the year. The closing price of Au9999 gold on the Shanghai Gold Exchange was RMB 871.86 per gram, up 42.00% from the start of the year.
Central banks around the world have continued to increase their gold reserves. From November 2024 to September 2025, China has consecutively added to its gold reserves for 11 months. In the first three quarters of 2025, China increased its gold reserves by 23.95 tons. As of the end of September, China’s gold reserves totaled 2,303.52 tons.
Source: https://news.futunn.com/